Singapore Bourse May Extend Winning Streak

(RTTNews) - The Singapore stock market has finished higher in back-to-back trading days, climbing more than 80 points or 2.5 percent along the way. The Straits Times Index now rests just beneath the 3,290-point plateau and it's tipped to open in the green again on Thursday.

The global forecast for the Asian markets is cautiously optimistic on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The STI finished sharply higher on Wednesday following gains from the financial shares, property stocks and industrial issues.

For the day, the index soared 49.44 points or 1.53 percent to finish at 3,288.17 after trading between 3,268.56 and 3,289.04. Volume was 1.63 billion shares worth 1.46 billion Singapore dollars. There were 293 gainers and 140 decliners.

Among the actives, Golden Agri-Resources surged 3.70 percent, while DBS Group soared 2.54 percent, Thai Beverage spiked 2.42 percent, Singapore Exchange jumped 2.37 percent, Hutchison Port Holdings climbed 2.33 percent, United Overseas Bank accelerated 2.11 percent, Oversea-Chinese Banking Corporation collected 2.10 percent, SembCorp Industries gathered 2.09 percent, Keppel Corp perked 2.04 percent, CapitaLand advanced 1.74 percent, City Developments added 1.49 percent, Wilmar International gained 1.14 percent, CapitaLand Commercial Trust rose 0.95 percent, Yangzijiang Shipbuilding was up 0.68 percent, Ascendas REIT climbed 0.34 percent, SingTel rose 0.30 percent and CapitaLand Mall Trust was unchanged.

The lead from Wall Street is mildly positive as Stocks showed typical volatility on the heels of the Federal Reserve's monetary policy announcement but managed to end Wednesday's trading higher.

The Dow added 38.46 points or 0.15 percent to 26,504.00, while the NASDAQ gained 33.44 points or 0.42 percent to 7,987.32 and the S&P 500 rose 8.71 points or 0.30 percent to 2,926.46.

The higher close on Wall Street came after the Fed suggested the next move for rates is likely to be lower, although buying interest was somewhat subdued amid signs the rate cut could be delayed until next year.

The Fed's dot plot projections show eight members expect rates to be unchanged by the end of the year, although a matching number expect at least one rate cut. One member expects a rate hike. By the end of 2020, nine members expect a rate cut, five expect rates to remain unchanged and three expect an increase in rates.

Crude oil futures settled slightly lower Wednesday, with traders weighing official inventory data from U.S. Energy Information Administration and the Federal Reserve's policy statement. West Texas Intermediate crude oil futures for July ended down $0.14 or 0.3 percent at $53.76 a barrel.
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