Singapore Bourse May Reverse Wednesday's Losses

(RTTNews) - The Singapore stock market on Wednesday ended the modest two-day winning streak in which it had collected almost 15 points or 0.3 percent. The Straits Times Index now rests just above the 5,000-point plateau although it's likely to find renewed support on Thursday.

The global forecast for the Asian markets is cautiously optimistic on hopes for an end to the conflict in the Middle East. The European markets were down and the U.S. bourse were up and the Asian markets figure to follow the latter lead.

The STI finished modestly lower on Wednesday following losses from the financial shares, gains from the industrials and a mixed picture from the property sector. For the day, the index fell 12.24 points or 0.24 percent to finish at 5,002.72 after trading between 4,988.45 and 5,014.10. Among the actives, CapitaLand Ascendas REIT added 0.39 percent, while CapitaLand Integrated Commercial Trust climbed 0.81 percent, CapitaLand Investment jumped 1.05 percent, City Developments shed 0.57 percent, DBS Group fell 0.49 percent, DFI Retail Group surged 4.57 percent, Hongkong Land increased 0.51 percent, Keppel DC REIT declined 0.84 percent, Keppel Ltd rose 0.33 percent, Mapletree Industrial Trust slipped 0.48 percent, Mapletree Logistics Trust slumped 0.79 percent, Oversea-Chinese Banking Corporation eased 0.09 percent, SATS retreated 1.14 percent, Seatrium Limited rallied 0.85 percent, SembCorp Industries sank 0.58 percent, Singapore Airlines retreated 0.92 percent, Singapore Exchange gained 0.37 percent, Singapore Technologies Engineering tumbled 1.40 percent, SingTel plummeted 1.65 percent, United Overseas Bank dropped 0.67 percent, UOL Group advanced 0.74 percent, Wilmar International lost 0.51 percent, Yangzijiang Shipbuilding improved 0.72 percent and Genting Singapore, Thai Beverage, Mapletree Pan Asia Commercial Trust and Frasers Logistics & Commercial Trust were unchanged.

The lead from Wall Street is solid as the major averages opened higher on Wednesday and remained comfortably in the green throughout the trading day.

The Dow jumped 340.65 points or 0.69 percent to finish at 49,490.03, while the NASDAQ rallied 397.60 points or 1.64 percent to end at a record 23,001.78 and the S&P 500 climbed 73.89 points or 1.05 percent to close at 7,137.90, also a record.

The rebound on Wall Street came in reaction to news that President Donald Trump has extended the U.S. ceasefire with Iran, although it will continue to blockade all maritime traffic entering and exiting Iranian ports.

Iran dismissed Trump's ceasefire extension as meaningless and said the Strait of Hormuz will remain closed until the U.S. blockade is lifted.

Crude oil prices soared Wednesday thanks to supply disruption concerns due to the ongoing blockade of the Strait of Hormuz. West Texas Intermediate crude for June delivery was up $3.54 or 3.95 percent at $93.21 per barrel.

Traders also continue to express optimism about the strength of corporate results, with earnings season off to a solid start.

Closer to home, Singapore will provide March numbers for consume prices later today; in February, overall inflation was up 0.6 percent on month and 1.2 percent on year, while core CPI rose an annual 1.4 percent.