To The Moon

The Singapore stock market has alternated between positive and negative finishes through the last four 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 3,245-point plateau although it's likely to rebound again on Thursday.

The global forecast for the Asian markets is positive, with surging crude oil prices and strength among financials expected to boost the oversold markets. The European and U.S. markets were up sharply and the Asian markets are expected to open in similar fashion.

The STI finished sharply lower on Wednesday following losses from the financial shares and property stocks.

For the day, the index dropped 34.23 points or 1.04 percent to finish at 3,244.40 after trading between 3,243.94 and 3,279.97. Volume was 1.61 billion shares worth 1.66 billion Singapore dollars. There were 250 decliners and 227 gainers.

Among the actives, CapitaLand Integrated Commercial Trust climbed 0.95 percent, while City Developments dropped 0.98 percent, Comfort DelGro declined 1.40 percent, Dairy Farm International eased 0.38 percent, DBS Group plummeted 3.17 percent, Genting Singapore plunged 1.95 percent, Hongkong Land stumbled 1.11 percent, Keppel Corp retreated 1.16 percent, Mapletree Logistics Trust fell 0.56 percent, Oversea-Chinese Banking Corporation surrendered 1.45 percent, SATS sank 1.00 percent, SembCorp Industries soared 2.63 percent, Singapore Airlines and SingTel both shed 0.78 percent, Singapore Exchange rallied 0.96 percent, Singapore Press Holdings slid 0.43 percent, Singapore Technologies Engineering slumped 1.01 percent, Thai Beverage lost 0.74 percent, United Overseas Bank tumbled 1.68 percent, Wilmar International jumped 1.37 percent, Yangzijiang Shipbuilding surged 3.47 percent and Mapletree Commercial Trust and Ascendas REIT were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Wednesday and accelerated as the session progressed, ending near daily highs.

The Dow surged 596.40 points or 1.79 percent to finish at 33,891.35, while the NASDAQ soared 219.56 points or 1.62 percent to end at 13,752.02 and the S&P 500 jumped 80.28 points or 1.86 percent to close at 4,386.54.

The rally on Wall Street came on surging crude oil prices and a rebound by treasury yields.

Also, Federal Reserve Chair Jerome Powell told the House Financial Services Committee the Fed still believes it will be appropriate to raise interest rates later this month, citing inflation well above 2 percent and a strong labor market. The likely increase in interest rates comes even though Powell acknowledged that the Russia-Ukraine conflict has introduced significant uncertainty for the U.S. economic outlook.

On the U.S. economic front, payroll processor ADP said U.S. private sector employment jumped much more than expected in February.

Crude oil prices climbed higher on Wednesday, extending gains amid concerns about global crude supplies due to the ongoing Russia-Ukraine conflict and data showing a drop in U.S. crude inventories. West Texas Intermediate Crude oil futures for April ended higher by $7.19 or 7 percent at $110.60, the highest settlement since May 2011.