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(RTTNews) – The Singapore stock market has climbed higher in seven straight sessions, collecting more than 170 points or 5.7 percent along the way. The Straits Times Index now rests just above the 3,140-point plateau although it’s overdue for consolidation on Thursday.
The global forecast for the Asian markets suggests consolidation on concerns about the outlook for interest rates following the FOMC’s rate decision. The European and U.S. markets were sharply lower and the Asian markets are expected to open in similar fashion.
The STI finished modestly higher on Wednesday following gains from the properties and trusts and mixed performances from the financials and industrials.
For the day, the index gained 10.63 points or 0.34 percent to finish at the daily high of 3,141.13 after moving as low as 3,113.79. Volume was 1.55 billion securities worth 1.19 billion Singapore dollars. There were 271 gainers and 216 decliners.
Among the actives, Ascendas REIT rallied 1.90 percent, while CapitaLand Integrated Commercial Trust jumped 1.57 percent, CapitaLand Investment slumped 0.65 percent, City Developments rose 0.13 percent, Comfort DelGro strengthened 1.54 percent, DBS Group gained 0.46 percent, Hongkong Land surged 4.27 percent, Keppel Corp added 0.57 percent, Mapletree Pan Asia Commercial Trust spiked 3.09 percent, Mapletree Logistics Trust soared 3.29 percent, Oversea-Chinese Banking Corporation retreated 0.90 percent, SATS plunged 2.53 percent, SembCorp Industries fell 0.33 percent, Singapore Technologies Engineering sank 0.59 percent, SingTel climbed 0.79 percent, Thai Beverage tumbled 2.52 percent, United Overseas Bank collected 0.21 percent, Wilmar International advanced 0.77 percent, Yangzijiang Financial plummeted 3.03 percent and Yangzijiang Shipbuilding, Emperador, Genting Singapore, Mapletree Industrial Trust and Frasers Logistics were unchanged.
The lead from Wall Street is broadly negative as the major averages hugged the line for most of Wednesday’s session but turned sharply lower after the FOMC decision.
The Dow plunged 505.44 points or 1.55 percent to finish at 32,147.76, while the NASDAQ tumbled 366.05 points or 3.36 percent to close at 10,524.80 and the S&P 500 slumped 96.41 points or 2.50 percent to end at 3,759.69.
The late-day volatility came after the Fed announced its widely expected decision to raise interest rates by another 75 basis points in an effort to rein in inflation.
The Fed noted that future rate hikes will “take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.”
But comments from Fed Chair Jerome Powell tamped down optimism about the outlook for interest rates: “It is very premature, in my view, to think about or be talking about pausing our rate hikes. We have a ways to go.”
Crude oil prices climbed higher on Wednesday after data showed declines in crude and gasoline stockpiles in the U.S. last week. West Texas Intermediate Crude oil futures for December climbed $1.63 or 1.8 percent at $90.00 a barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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