The Singapore stock market has moved higher in two straight sessions, advancing more than 90 points or 3 percent along the way. The Straits Times Index now sits just above the 3,240-point plateau although it's expected to open under pressure on Friday.
The global forecast for the Asian markets suggests mild consolidation on geopolitical concerns and inflation worries. The European and U.S. markets were down and the Asan bourses are expected to open in a similar fashion.
The STI finished sharply higher on Thursday following gains from the financial shares, property stocks and technology companies.
For the day, the index climbed 45.35 points or 1.42 percent to finish at 3,240.73 after trading between 3,227.61 and 3,258.94. Volume was 1.43 billion shares worth 1.61 billion Singapore dollars. There were 286 gainers and 198 decliners.
Among the actives, Ascendas REIT advanced 1.79 percent, while CapitaLand Integrated Commercial Trust strengthened 1.42 percent, City Developments soared 2.43 percent, Comfort DelGro accelerated 2.21 percent, Dairy Farm International surged 4.15 percent, DBS Group climbed 1.95 percent, Genting Singapore jumped 2.00 percent, Hongkong Land added 1.76 percent, Keppel Corp rose 1.16 percent, Mapletree Commercial Trust and United Overseas Bank both spiked 2.22 percent, Mapletree Logistics Trust and Venture Corporation both improved 1.69 percent, Oversea-Chinese Banking Corporation rallied 2.09 percent, SATS collected 0.26 percent, SembCorp Industries plummeted 2.56 percent, Singapore Airlines gained 1.21 percent, Singapore Exchange gathered 1.07 percent, Singapore Technologies Engineering was up 0.50 percent, SingTel increased 1.59 percent, Thai Beverage perked 0.75 percent, Wilmar International tumbled 1.91 percent, Yangzijiang Shipbuilding retreated 1.41 percent and Singapore Press Holdings was unchanged.
The lead from Wall Street is soft as the major averages opened lower on Thursday and remained in the red throughout the session.
The Dow dropped 112.18 points or 0.34 percent to finish at 33,174.07, while the NASDAQ tumbled 125.58 points or 0.95 percent to close at 13,129.96 and the S&P 500 lost 18.36 points or 0.43 percent to end at 4,259.52.
The early weakness on Wall Street reflected ongoing concerns about the Russian invasion of Ukraine as peace talks between the countries resulted in little progress on key issues.
In economic news, the Labor Department noted a continued acceleration in the annual rate of U.S. consumer price growth in February, reaching its highest rate since January 1982. A separate report from the Labor Department showed a modest increase in initial jobless claims last week.
Crude oil prices retreated on Thursday following reports that Russia will fulfill its contractual obligations, helping to ease concerns about supply disruptions. West Texas Intermediate Crude oil futures for April settled at $106.02 a barrel, down $2.68 or 2.5 percent from the previous close.
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