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(RTTNews.com) – The Singapore stock market has tracked higher in back-to-back sessions, gathering more than 30 points or 1 percent along the way. The Straits Times Index now rests just above the 3,235-point plateau and it’s looking at another firm lead for Friday.
The global forecast for the Asian markets is upbeat thanks to positive economic data and mild upside in the price of crude oil. It remains to be seen how markets will react to the U.S. withdrawal from the Paris climate accord. The European and U.S. markets were up and the Asian markets are expected to follow suit.
The STI finished modestly higher on Thursday following gains from the financials, properties and industrials.
Among the actives, Yangzijiang Shipbuilding surged 2.76 percent, while City Developments spiked 2.25 percent, CapitaLand Mall Trust tumbled 1.51 percent, Golden Agri-Resources dropped 1.37 percent, Thai Beverage jumped 1.14 percent, SingTel climbed 1.06 percent, United Overseas Bank advanced 1.04 percent, DBS Group collected 0.88 percent and SembCorp picked up 0.95 percent.
The lead from Wall Street is positive as stocks moved higher on Thursday, offsetting the weakness in the two previous sessions and sending the three major averages to new record closing highs.
The Dow rose 135.53 points or 0.7 percent to 21,144.18, while the NASDAQ advanced 48.31 points or 0.8 percent to 6,246.83 and the S&P gained 18.26 points or 0.8 percent to 2,430.06.
The strength followed upbeat economic data, including a report from payroll processor ADP showing a jump in private sector employment in May. Also, the Institute for Supply Management said activity in the manufacturing sector grew at a slightly faster rate in May.
Meanwhile, the Labor Department said first-time claims for U.S. unemployment benefits rose by more than expected in the week ended May 27, while the Commerce Department noted that construction spending unexpectedly fell in April.
Late in the session, President Donald Trump announced his widely anticipated decision to withdraw from the landmark Paris climate accord that seeks to reduce carbon emissions and slow the effects of climate change.
An early rally in crude oil prices fizzed Thursday, despite government data showing U.S. oil inventories plunged last week. July WTI oil settled at $48.36/bbl, up 4 cents or 0.1 percent.
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