FX.co ★ Win Streak May Continue For Singapore Shares

The Singapore stock market has been on a winning streak for the last three days, gaining over 15 points or 0.5 percent. Currently, the Straits Times Index is just under the 3,300-point mark and is poised for more gains.

Worldwide, Asian markets are predicted to follow the upbeat trend set by the U.S., which is largely due to a more positive outlook on interest rates. European markets, however, showed mixed results.

On Thursday, the Straits Times Index saw a slight increase, with gains from financial stocks compensating for the weakness in industrial stocks. The index rose by 4.20 points or 0.13 percent, ending at 3,296.89, after fluctuating between 3,285.30 and 3,324.77.

Among the active stocks, CapitaLand Investment rose by 0.79 percent, whereas City Developments fell by 1.46 percent. Other notable movements included DBS Group's surge of 1.86 percent, Emperador's increase of 1.18 percent, and a sharp drop of 3.06 percent for Seatrium Limited. Meanwhile, stocks like Hongkong Land and SingTel remained unchanged.

The U.S. stock market started strong on Thursday and maintained its upward trajectory throughout the day, closing near the day's high. The Dow Jones Industrial Average rose by 322.37 points or 0.85 percent to 38,225.66, the NASDAQ Composite rallied 235.48 points or 1.51 percent to 15,840.96, and the S&P 500 advanced 45.81 points or 0.91 percent to 5,064.20.

Investors in the U.S took a breather after the Federal Reserve's recent monetary policy announcement. Concerns that the next policy move could be an interest rate hike were quenched by Fed Chair Jerome Powell.

U.S. stocks experienced some turbulence due to the latest set of economic data, which included a report from the Labor Department showing a surge in labor costs for Q1 2024. Other data showed initial jobless claims remained unchanged last week, and the U.S. trade deficit slightly reduced in March.

Oil futures couldn't maintain early gains and settled a bit lower on Thursday due to declining concerns over supply disruptions and apprehensions about economic growth and energy demand. West Texas Intermediate Crude oil futures for June closed down by $0.05 at $78.95 a barrel.

In local news, Singapore will release March retail sales data today. February's data showed a monthly increase of 3.0 percent and an annual rise of 8.4 percent.