Singapore Stock Market May Run Out Of Steam

(RTTNews) - The Singapore stock market has finished higher in four straight sessions, collecting more than 80 points or 2.5 percent along the way. The Straits Times Index now rests just beneath the 3,470-point plateau although it may be stuck in neutral on Thursday.

The global forecast for the Asian markets is murky following a U.S. rate hike that had largely been priced in. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The STI finished slightly higher on Wednesday following gains from the industrials, financials and plantations.

For the day, the index gained 3.23 points or 0.09 percent to finish at 3,468.77 after trading between 3,451.00 and 3,469.07. Volume was 2.4 billion shares worth 1.1 billion Singapore dollars. There were 206 decliners and 189 gainers.

Among the actives, Comfort DelGro plummeted 3.47 percent, while City Developments surged 2.76 percent, CapitaLand Commercial Trust tumbled 1.56 percent, Golden Agri-Resources spiked 1.35 percent, Wilmar International jumped 1.29 percent, CapitaLand Mall Trust advanced 0.95 percent, Yangzijiang Shipbuilding added 0.67 percent, United Overseas Bank collected 0.56 percent, Thai Beverage shed 0.52 percent, DBS Group gained 0.40 percent, Oversea-Chinese Banking Corporation picked up 0.32 percent and Hutchison Port Holdings, Global Logistic Properties, SingTel, SembCorp Industries, Genting Singapore and Keppel Corp all were unchanged.

The lead from Wall Street provides little clarity as stocks traded modestly higher for most of Wednesday, although the S&P 500 faded after the rate decision.

The Dow added 80.63 points or 0.33 percent to 24,585.43, while the NASDAQ gained 13.48 points or 0.20 percent to 6,875.80 and the S&P 500 eased 1.26 points or 0.05 percent to 2,662.85.

As expected, the Federal Reserve raised the benchmark U.S. interest rate to a range of 1.25 percent to 1.5 percent but struck a dovish tone on future rate hikes amid stubbornly low inflation.

It was the third rate hike of 0.25 percent in 2017. Crucially, the Fed maintained earlier forecast for just three quarter-point rate hikes in 2018.

In economic news, the Labor Department said consumer prices increased in line with forecasts in November. Core CPI came in slightly shy of expectations.

Crude oil futures fell Wednesday after the dollar strengthened following the Fed's rate hike. WTI light sweet crude oil lost 54 cents or 1 percent to settle at $56.60/bbl.