The Singapore stock market has alternated between positive and negative finishes through the last five trading days since the end of the five-day losing streak in which it had tumbled more than 165 points or 5 percent. The Straits Times Index now sits just beneath the 3,255-point plateau although it's likely to turn lower again on Friday.
The global forecast for the Asian markets is negative and volatile, responding to the ongoing Russian invasion of Ukraine and resulting sanctions. The European and U.S. markets were down and the Asian bourses figure to follow suit.
The STI finished modestly higher on Thursday following gains from the industrials, while the financials and properties were mixed.
For the day, the index added 9.25 points or 0.29 percent to finish at the daily low of 3,253.65 after peaking at 3,273.99. Volume was 2.35 billion shares worth 1.47 billion Singapore dollars. There were 280 gainers and 197 decliners.
Among the actives, Ascendas REIT and Comfort DelGro both advanced 0.71 percent, while CapitaLand Integrated Commercial Trust, City Developments and Mapletree Logistics Trust rose 0.47 percent both gained 0.56 percent, Dairy Farm International accelerated 1.14 percent, DBS Group lost 0.30 percent, Genting Singapore soared 1.32 percent, Hongkong Land climbed 0.75 percent, Keppel Corp spiked 1.17 percent, Mapletree Commercial Trust improved 0.54 percent, Oversea-Chinese Banking Corporation jumped 1.04 percent, SATS perked 0.25 percent, SembCorp Industries gathered 0.37 percent, Singapore Airlines rallied 0.99 percent, Singapore Exchange dipped 0.11 percent, Singapore Technologies Engineering increased 0.51 percent, Thai Beverage sank 0.75 percent, United Overseas Bank collected 0.03 percent, Wilmar International surged 2.25 percent, Yangzijiang Shipbuilding added 0.67 percent and Singapore Press Holdings and SingTel were unchanged.
The lead from Wall Street is soft as the major averages opened higher on Thursday and bounced back and forth across the unchanged line before late selling pressure saw them finish firmly in the red.
The Dow dropped 96.69 points or 0.29 percent to finish at 33,794.66, while the NASDAQ tumbled 214.08 points or 1.56 percent to end at 13,537.94 and the S&P 500 fell 23.05 points or 0.53 percent to close at 4,363.49.
The volatility on the day came as traders kept an eye on developments in Ukraine as Russian forces continue to step up their attacks, forcing thousands of Ukrainians to flee the country.
Traders remain worried the sanctions imposed on Russia along with the subsequent surge in oil prices could derail the economic recovery even as the Federal Reserve prepares to begin raising interest rates.
Fed Chair Jerome Powell appeared before the Senate Banking Committee and reiterated the central bank is likely to raise rates by at least 25 basis points at its meeting later this month.
In economic news, the Labor Department noted a modest decrease in first-time claims for U.S. unemployment benefits last week. Also, the Institute for Supply Management reported a continued slowdown in the pace of growth in U.S. service sector activity in February.
U.S. crude oil prices drifted lower on Thursday, retreating from multi-year highs on speculation over a possible nuclear deal with Iran. West Texas Intermediate Crude oil futures for April ended down by 2.6 percent at $107.67 a barrel.
Closer to home, Singapore will see January numbers for retail sales later today; in December, sales were up 2.3 percent on month and 6.7 percent on year.
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