FX.co ★ Singapore Bourse: Resistance Expected At 3,300 Points

The Singapore stock market has recently seen an upward trend, with an impressive jump of almost 120 points, or 3.6 percent, within three successive trading sessions. Consequently, the Straits Times Index is standing above the 3,290-point mark, although it's anticipated to level out on Thursday.

Persistent concern over the future of interest rates leaves the global forecast for Asian markets quite stable. European markets have exhibited a mild decline while U.S. exchanges have remained mixed, showing minimal movement overall. This is projected to result in similar behavior in the Asian markets.

On Wednesday, the Straits Times Index slightly increased, underpinned by rises in property and industrial stocks. In contrast, financial stocks reflected mixed performance. The index closed the day with a gain of 20.41 points or 0.62 percent to reach 3,293.13, fluctuating between 3,282.60 and 3,308.12.

Regarding individual stock performance, both CapitaLand Integrated Commercial Trust and CapitaLand Investment saw growth, improving by 2.60 percent and 1.53 percent respectively, while City Developments rose by 1.35 percent. Despite this progress, DBS group experienced a decline of 0.69 percent. Meanwhile, real estate investment trusts particular to Keppel and Mapletree saw encouraging earnings. Also rising were Oversea-Chinese Banking Corporation, SATS, Seatrium Limited, SembCorp Industries, and several others, while Emperador, Genting Singapore, and Thai Beverage stocks remained stable.

Wall Street's influence remains uncertain. The major U.S. averages demonstrated mixed and flat openings, maintaining this stance until close. Despite the Dow Jones dropping 42.77 points or 0.11 percent, the NASDAQ gained 16.11 points or 0.10 percent while the S&P 500 saw a marginal increase of 1.08 points or 0.02 percent.

A favorable response to recent corporate earnings reports – notably from Tesla, Texas Instruments, Visa, and Mattel – kept Wall Street’s losses in check. Furthermore, worries about the outlook for interest rates leading up to the Federal Reserve’s meeting next week have made traders apprehensive. Despite predictions that interest rates will remain unchanged, traders are curious about potential clues related to future rate cuts.

In other news, oil prices decreased on Wednesday due to concerns regarding future demand and easing tensions in the Middle East. West Texas Intermediate Crude oil futures for June finished at $82.81 a barrel, down by $0.55.