Singapore Shares Tipped To Bounce Higher On Friday

The Singapore stock market on Thursday snapped the two-day winning streak in which it had risen more than a dozen points or 0.3 percent. The Straits Times Index now sits just above the 3,140-point plateau although it’s expected to see renewed support on Friday.

The global forecast for the Asian markets is positive, with many believing that the heavy selling earlier this week was overdone. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The STI finished modestly lower on Thursday as the financial shares, property tocks and industrials ended mostly in the red.

For the day, the index shed 9.95 points or 0.32 percent to finish at 3,143.06 after trading between 3,123.14 and 3,148.81.

Among the actives, Ascendas REIT tanked 2.74 percent, while CapitaLand Integrated Commercial Trust declined 1.00 percent, CapitaLand Investment retreated 1.69 percent, City Developments plunged 3.27 percent, DBS Group fell 0.16 percent, Genting Singapore advanced 0.99 percent, Hongkong Land shed 0.32 percent, Keppel DC REIT skidded 0.59 percent, Keppel Ltd eased 0.14 percent, Mapletree Pan Asia Commercial Trust surrendered 2.05 percent, Mapletree Industrial Trust slumped 0.68 percent, Mapletree Logistics Trust tumbled 1.94 percent, Oversea-Chinese Banking Corporation dropped 0.39 percent, SATS soared 2.55 percent, SembCorp Industries sank 0.35 percent, Singapore Technologies Engineering rose 0.27 percent, SingTel added 0.42 percent, UOL Group plummeted 3.99 percent, Wilmar International lost 0.30 percent and Yangzijiang Financial, Yangzijiang Shipbuilding, Emperador, Comfort DelGro, Seatrium Limited and Thai Beverage were unchanged.

The lead from Wall Street is upbeat as the major averages opened slightly higher on Thursday and largely accelerated as the day progressed, ending near session highs.

The Dow rallied 369.54 points or 0.97 percent to finish at 38,519.84, while the NASDAQ jumped 197.63 points or 1.30 percent to end…