Singapore Bourse May Spin Its Wheels On Thursday

(RTTNews) - The Singapore stock market has finished higher in three straight sessions, collecting almost 150 points or 2.9 percent in that span. The Straits Times Index now sits just beneath the 5,140-point plateau although it may be stuck in neutral on Thursday.

The global forecast for the Asian markets is negative on rising oil prices and continuing hostilities in the Middle East. The European and U.S. markets were down and the Asian markets figure to follow suit.

The STI finished modestly higher on Wednesday following gains from the financial shares and mixed performances from the property stocks, industrial issues and trusts.

For the day, the index advanced 40.82 points or 0.80 percent to finish at 5,138.24 after trading between 5,112.86 and 5,150.69.

Among the actives, CapitaLand Investment and Mapletree Pan Asia Commercial Trust both improved 0.79 percent, while City Developments lost 0.47 percent, DBS Group increased 0.59 percent, DFI Retail Group dropped 1.02 percent, Genting Singapore vaulted 1.65 percent, Hongkong Land skidded 1.19 percent, Keppel DC REIT fell 0.44 percent, Keppel Ltd shed 0.73 percent, Mapletree Logistics Trust sank 0.84 percent, Oversea-Chinese Banking Corporation jumped 1.87 percent, SATS rallied 2.28 percent, Seatrium Limited gained 0.48 percent, SembCorp Industries perked 0.16 percent, Singapore Airlines soared 3.68 percent, Singapore Exchange expanded 1.50 percent, Singapore Technologies Engineering advanced 0.99 percent, SingTel rose 0.23 percent, Thai Beverage slumped 1.15 percent, United Overseas Bank collected 1.04 percent, UOL Group added 0.50 percent, Wilmar International climbed 1.16 percent and Yangzijiang Shipbuilding, CapitaLand Ascendas REIT, CapitaLand Integrated Commercial Trust, Mapletree Industrial Trust and Frasers Logistics & Commercial Trust were unchanged.

The lead from Wall Street is weak as the major averages opened lower on Wednesday and tracked deeper into the red as the day progressed, ending near session lows.

The Dow rumbled 620.72 points or 1.21 percent to finish at 50,687.07, while the NASDAQ sank 239.92 points or 0.89 percent to end at 26,853.98 and the S&P 500 lost 56.10 points or 0.74 percent to close at 7,553.68.

The pullback on Wall Street came on uncertainty about the situation in the Middle East, as negotiations between the U.S and Iran continue to drag on.

U.S. Central Command said U.S. forces defeated multiple Iranian ballistic missiles and drones and conducted "self-defense" strikes on Qeshm Island in response to attempted attacks by Iran. But the ongoing military exchanges have contributed to a sharp increase by the price of crude oil.

Crude oil prices soared on Wednesday as fresh military strikes in the Middle East renew war concerns as the Strait of Hormuz remains blocked for oil and energy trade. West Texas Intermediate crude for July delivery was up $2.31 or 2.46 percent at $96.07 per barrel.

In U.S. economic news, the Institute for Supply Management released a report showing its reading on U.S. service sector activity increased by more than expected in the month of May.