Singapore Stock Market Due For Consolidation

(RTTNews) - The Singapore stock market has moved higher in five straight sessions, collecting more than 40 points or 1.3 percent along the way. The Straits Times Index now sits just above the 3,340-point plateau although it may be stuck in neutral on Friday.

The global forecast for the Asian markets is flat to slightly higher ahead of key inflation data later today. The European markets were mixed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The STI finished modestly higher on Thursday following gains from the financial shares and industrial issues.

For the day, the index added 11.65 points or 0.35 percent to finish at 3,343.35 after trading between 3,315.52 and 3,348.15.

Among the actives, CapitaLand Ascendas REIT lost 0.78 percent, while CapitaLand Integrated Commercial Trust slumped 1.02 percent, CapitaLand Investment fell 0.75 percent, City Developments retreated 1.32 percent, Comfort DelGro added 0.75 percent, DBS Group advanced 1.01 percent, Hongkong Land rallied 1.56 percent, Keppel DC REIT tanked 1.66 percent, Keppel Ltd rose 0.15 percent, Mapletree Pan Asia Commercial Trust sank 0.81 percent, Mapletree Industrial Trust dropped 0.93 percent, Mapletree Logistics Trust tumbled 1.53 percent, Oversea-Chinese Banking Corporation collected 0.76 percent, SATS collected 1.06 percent, Seatrium Limited skyrocketed 1,900.00 percent, SembCorp Industries shed 0.80 percent, Singapore Technologies Engineering surged 3.34 percent, SingTel spiked 1.85 percent, Thai Beverage plunged 2.15 percent, Wilmar International skidded 0.95 percent, Yangzijiang Financial strengthened 1.45 percent and Yangzijiang Shipbuilding, Emperador, Genting Singapore and UOL Group were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages bounced back and forth across the unchanged line all day Thursday before finally settling with mild gains.

The Dow added 36.26 points or 0.09 percent to finish at 39,164.06, while the NASDAQ gained 53.53 points or 0.30 percent to close at 17,858.68 and the S&P 500 rose 4.97 points or 0.09 percent to end at 5,482.87.

The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead of the release of key inflation data later today.

The Commerce Department is due to release its report on personal income and spending in May, which includes readings on inflation said to be preferred by the Federal Reserve; the report could have a significant impact on the outlook for interest rates.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits fell more than expected last week. Also, the Commerce Department said new orders for U.S. manufactured durable goods unexpectedly crept higher last month.

Oil futures settled higher Thursday on hopes about the outlook for demand, and on concerns about possible supply disruptions due to tensions in the Middle East. West Texas Intermediate Crude oil futures for August added $0.84 at $81.74 a barrel.