The Singapore stock market experienced a pause in its upward momentum on Thursday, marking the end of a six-day winning streak that had culminated in an increase of over 65 points, or 1.6 percent. The Straits Times Index (STI) settled just above the 4,535-point mark, with expectations that it may remain fairly stable in the following trading session.
Global outlook for Asian markets appeared uncertain, influenced by an absence of significant catalysts. However, there were indications that oil and technology stocks might lend some support. In contrast, European markets closed higher, while U.S. stock indexes displayed a mixed performance, suggesting that Asian markets could possibly mirror the latter’s trajectory.
On Thursday, the STI recorded a minor decline, largely driven by downturns in financial shares and trusts, while the performance of property and industrial sectors remained mixed. The index lost 19.38 points, or 0.43 percent, closing at 4,535.14 after fluctuating between a low of 4,531.85 and a peak of 4,561.21 throughout the trading day.
Among the actively traded stocks, CapitaLand Ascendas REIT decreased by 0.71 percent, and CapitaLand Integrated Commercial Trust dropped 0.43 percent. Similarly, CapitaLand Investment and DBS Group saw declines of 0.38 percent and 0.40 percent, respectively. In contrast, DFI Retail Group had a robust performance, surging by 7.08 percent. Other notable declines included Genting Singapore, which tumbled by 1.34 percent, and UOL Group, which sank by 0.69 percent. Meanwhile, Yangzijiang Shipbuilding outperformed, increasing by 1.76 percent.
The mixed response seen in Wall Street did not shed much light on market trends as major averages fluctuated throughout the day. The Dow Jones Industrial Average edged down by 31.96 points to finish at 47,850.94, while the NASDAQ managed a gain of 51.04 points, closing at 23,505.14. The S&P 500 added 7.40 points, ending at 6,857.12.
The flat performance on Wall Street followed a period of increased volatility earlier in the week, leading traders to reassess market conditions. A report from the Labor Department indicated that new claims for unemployment benefits in the U.S. had unexpectedly decreased to a three-year low, a development that traders seemed to overlook. Despite this positive news, the Federal Reserve is still anticipated to reduce interest rates by another quarter point in the near future.
Crude oil prices saw an upswing on Thursday, fueled by waning expectations regarding a resolution to the Russia-Ukraine conflict. West Texas Intermediate crude for January delivery rose by $0.70, or 1.19 percent, reaching $59.65 per barrel.
On the local front, Singapore is set to release its retail sales figures for October later today. The previous month’s report indicated a 1.4 percent decline in sales compared to August, albeit a year-on-year increase of 2.8 percent.
