The Singapore stock market has finished higher in back-to-back trading days, advancing almost 85 points or 2.7 percent along the way. The Straits Times Index now rests just above the 3,200-point plateau and it’s tipped to extend its gains again on Thursday.
The global forecast for the Asian markets is upbeat on reports of breakthroughs in the developments of treatments for the coronavirus. The European and U.S. markets were firmly higher and the Asian bourses are expected to follow suit.
The STI finished sharply higher on Wednesday following gains from the properties and industrials, while the financials came in mixed.
For the day, the index climbed 43.56 points or 1.38 percent to finish at 3,200.13 after trading between 3,156.86 and 3,203.04. Volume was 1.95 billion shares worth 1.26 billion Singapore dollars. There were 235 gainers and 171 decliners.
Among the actives, Ascendas REIT surged 4.81 percent, while City Developments soared 3.70 percent, CapitaLand accelerated 3.31 percent, Wilmar International spiked 2.80 percent, Mapletree Logistics Trust jumped 2.16 percent, Mapletree Commercial Trust climbed 1.72 percent, Singapore Technologies Engineering gathered 1.71 percent, SingTel tumbled 1.48 percent, Comfort DelGro skidded 1.38 percent, United Overseas Bank perked 1.36 percent, Thai Beverage advanced 1.27 percent, Yangzijiang Shipbuilding added 1.04 percent, DBS Group dropped 0.93 percent, CapitaLand Mall Trust shed 0.79 percent, Oversea-Chinese Banking Corporation collected 0.73 percent, Genting Singapore sank 0.57 percent, Singapore Press Holdings gained 0.50 percent, CapitaLand Commercial Trust lost 0.48 percent, SembCorp Industries rose 0.47 percent, Keppel Corp increased 0.45 percent and Singapore Exchange was up 0.17 percent.
The lead from Wall Street is positive as stocks opened solidly higher on Wednesday and remained in the green throughout the session.
The Dow jumped 483.22 points or 1.68 percent to 29,290, while the NASDAQ added 40.71 points or 0.43 percent to 9,508.68 and the S&P 500 climbed 37.10 points or 1.13 percent to 3,334.69.
Traders reacted positively to reports that scientists in both China and the United Kingdom had developed an effective drug to deal with the coronavirus.
Adding to the positive sentiment, payroll processor ADP noted stronger than expected private sector job growth in January. Also, the Institute for Supply Management noted a faster rate of growth in U.S. service sector activity last month.
Crude oil prices moved higher on Wednesday on reports suggesting that OPEC and its producer allies are considering further output cuts. West Texas Intermediate Crude oil futures for March ended up $1.14 or 2.3 percent at $50.75 a barrel.
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