Recovery Tipped For Singapore Stock Market


(RTTNews.com) – The Singapore stock market on Thursday wrote a finish to the modest two-day winning streak in which it had advanced more than 25 points or 0.7 percent. The Straits Times Index ended just below the 3,420-point plateau, although the market is poised to rebound on Friday.

The global forecast for the Asian markets is positive, due largely to news of an impending ceasefire in eastern Ukraine. The European and U.S. markets ended higher, and the Asian bourses are tipped to open in similar fashion.

The STI finished modestly lower on Thursday following losses from the financials and plantations, plus a mixed bag from the property sector.

For the day, the index dropped 25.40 points or 0.74 percent to finish at 3,419.17 after trading between 3,409.38 and 3,443.88. Volume was 993.2 million shares worth 1.16 billion Singapore dollars.

Among the actives, Keppel Corp shed 1.26 percent, while City Developments added 0.29 percent, Hongkong Land tumbled 2.28 percent, Wilmar International lost 0.92 percent, Noble Group fell 1.72 percent, DBS Group dipped 0.82 percent, Oversea-Chinese Banking Corporation retreated 0.66 percent and SingTel climbed 0.97 percent.

The lead from Wall Street is firm as stocks moved higher on Thursday after ending the previous session roughly flat. The gains lifted the NASDAQ to its best closing level in almost fifteen years, while the Dow and the S&P 500 climbed back toward their record highs.

The Dow climbed 110.24 points or 0.6 percent to 17,972.38, while the NASDAQ soared 56.64 points or 1.2 percent to 4,857.61 and the S&P 500 shot up 19.95 points or 1 percent to 2,088.48.

Marathon peace talks involving the leaders of Russia, Ukraine, Germany and France resulted in a ceasefire agreement set to go into effect on February 15th.

Meanwhile, traders largely seemed to shrug off disappointing U.S. economic data, including a Commerce Department report showing a bigger than expected drop in retail sales.

Later today, Singapore will on Friday release retail sales data for December. Retail sales are expected to fall 0.7 percent on month and rise 4.5 percent on year following the 0.7 monthly decline and the 6.5 percent yearly increase in November.

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