The Singapore stock market has finished lower in five straight sessions, tumbling more than 80 points or 2.4 percent along the way. The Straits Times Index now rests just above the 3,340-point plateau although it's expected to find traction on Friday.
The global forecast for the Asian markets is upbeat thanks to positive earnings news and generally encouraging economic data. The European and U.S. markets were higher on Thursday and the Asian markets figure to follow that lead.
The STI finished modestly lower on Thursday following losses from the financials, plantations and industrials.
For the day, the index dropped 27.40 points or 0.81 percent to finish at the daily low of 3,341.30 after peaking at 3,376.12. Volume was 1.8 billion shares worth 1.3 billion Singapore dollars. There were 259 decliners and 188 gainers.
Among the actives, Comfort DelGro plummeted 3.83 percent, while Wilmar International skidded 2.17 percent, SembCorp Industries tumbled 1.63 percent, Golden Agri-Resources dropped 1.30 percent, Hutchison Port Holdings retreated 1.18 percent, Yangzijiang Shipbuilding slipped 1.17 percent, DBS Group shed 1.14 percent, Thai Beverage lost 1.05 percent, Oversea-Chinese Banking Corporation fell 0.87 percent, SingTel dipped 0.81 percent, Genting Singapore was down 0.75 percent and CapitaLand and CapitaLand Mall Trust were unchanged.
The lead from Wall Street is firm as stocks moved higher on Thursday after sliding in the previous two sessions, allowing the NASDAQ to hit a new record closing high.
The Dow added 187.80 points or 0.80 percent to 23,458.36, while the NASDAQ was up 87.08 points or 1.30 percent to 6,793.29 and the S&P 500 added 21.02 points or 0.82 percent to 2,585.64.
The strength reflected a positive reaction to better than expected quarterly results from Wal-Mart (WMT) and Cisco Systems (CSCO). Stocks also advanced after the House voted to approve the Republican tax reform bill, although final passage of legislation remains uncertain.
In economic news, the Labor Department said first-time claims for jobless benefits increased in the week ended November 11. It also said U.S. import prices rose less than expected in October. Also, the National Association of Home Builders noted a gain in homebuilder confidence in November.
The Federal Reserve Bank of Philadelphia said that growth in Philadelphia-area manufacturing activity slowed more than expected in November. The Federal Reserve also said industrial production increased more than expected in October.
Crude oil futures continued to fall Thursday as a large build in U.S. oil inventories has weighed on prices. December WTI oil fell 19 cents or 0.3 percent to $55.14/bbl, sliding further from recent two-year highs near $58.
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