On Thursday, the Singapore stock market rose again after ending a three-day winning streak where it had gained over 45 points or 1.4 percent. The Straits Times Index is now a little above the 3,140-point mark, though selling pressure is expected to resume on Friday.
The worldwide outlook for Asian markets is bearish, with earnings likely in energy and technology stocks in particular. The European and American stock markets ended the day lower, and Asian markets are expected to follow suit. On Thursday, the STI finished marginally higher, with advances in the industrial companies and a mixed picture in the financials.
City Developments increased by 1.30 percent, while Comfort DelGro increased by 0.71 percent, Dairy Farm International fell by 0.99 percent, DBS Group fell by 0.13 percent, Genting Singapore increased by 0.64 Keppel Corp increased by 0.38 percent. While Mapletree Commercial Trust increased by 0.98 percent, Mapletree Logistics Trust increased by 0.53 percent, Oversea-Chinese Banking Corporation fell by 0.44 percent, SATS increased by 1.03 percent, SembCorp Industries gained.
The major averages began downward on Thursday, indicating that Wall Street’s lead is fading. The Dow briefly rose into the green before settling flat, while the NASDAQ and S&P 500 ended red. The Industrial Average of Dow Jones dropped 0.06 points to 25,754.69, while the NASDAQ down 269.62 points, or 1.71 percent, to 15,517.37, and the S&P 500 fell 33.76 points, or 0.72 percent, to 4,667.45. The sales on Wall Street happened as investors took advantage of the latest market resilience, which saw stocks rebound well from the post-Thanksgiving sell-off prompted by the discovery of the Omicron coronavirus variety.
Investors are now anticipating the Federal Reserve’s announcement on monetary policy next week, because they’re concerned about the Omicron variant’s impact. According to reports, the Fed may opt to accelerate the tapering of its asset purchase program to $30 billion per month. Also, in financial figures, the Labor Department reported this week that first-time unemployment claims fell far more than anticipated.
Crude oil fell on Thursday as investors worried about the prospects for energy demand due to new limitations on mobility imposed by numerous countries to combat the spread of Omicron. The futures of West Texas Intermediate Crude oil for January declined $1.42, or 2%, to $70.94 a barrel.