The Singapore stock market has concluded two of the last three trading sessions on a positive note, rebounding from a two-day downturn that saw a nearly 30-point or 0.8 percent drop. Currently, the Straits Times Index hovers slightly below the 3,810-point mark, though it may experience a downturn once again on Friday.
The global outlook for Asian markets appears tepid, with declines anticipated in both oil and technology sectors. European markets exhibited a mixed and flat performance, while U.S. stock indices ended in negative territory, suggesting that Asian markets may see a moderated impact.
On Thursday, the STI recorded a modest rise, reflecting mixed outcomes from financial, property, and industrial stocks. The index gained 16.45 points, or 0.43 percent, closing at 3,809.27. It fluctuated between 3,785.36 and 3,812.36 during the day.
Key market movements included City Developments which slipped by 0.19 percent, while DBS Group inched up by 0.27 percent. Emperador saw a notable increase of 1.20 percent, and Genting Singapore appreciated by 0.65 percent. Hongkong Land advanced by 1.09 percent, Keppel DC REIT rose by 0.46 percent, and Keppel Ltd surged by 1.47 percent. Conversely, Mapletree Pan Asia Commercial Trust decreased by 0.82 percent. Other notable movements: Oversea-Chinese Banking Corporation improved by 1.02 percent, SATS fell by 1.61 percent, Seatrium Limited retreated by 1.48 percent, SembCorp Industries declined by 0.53 percent, Singapore Technologies Engineering grew by 1.12 percent, SingTel climbed by 0.33 percent, Thai Beverage dropped by 0.87 percent, Wilmar International lessened by 0.65 percent, Yangzijiang Financial slumped by 1.23 percent, and Yangzijiang Shipbuilding surged by 2.18 percent. CapitaLand Integrated Commercial Trust, CapitaLand Investment, Mapletree Industrial Trust, Mapletree Logistics Trust, Comfort DelGro, and Frasers Logistics & Commercial Trust remained unchanged.
In contrast, Wall Street offered a negative lead, with key indexes opening mixed on Thursday before moving decisively downward, staying in negative territory throughout the session and concluding near daily lows.
The Dow Jones Industrial Average declined by 234.44 points or 0.64 percent, ending at 43,914.12. The NASDAQ Composite decreased by 132.05 points or 0.66 percent, closing at 19,769.84. The S&P 500 Index lost 32.94 points or 0.54 percent, finishing at 6,051.25.
The downturn on Wall Street was attributed to profit-taking following a strong performance on Wednesday, during which the tech-focused NASDAQ surpassed the 20,000 mark for the first time. Additionally, sentiment was dampened by a U.S. Labor Department report showing a larger-than-expected increase in producer prices for November.
While there is widespread expectation that the Federal Reserve will lower interest rates next week, this new data raises questions about the pace of rate reductions early next year.
Meanwhile, oil futures ended lower on Thursday, reversing a three-day uptrend, following the International Energy Agency's prediction of an oversupply in the oil market next year. West Texas Intermediate crude oil futures for January settled at $70.02 a barrel, down $0.27 or 0.4 percent.
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