The Singapore stock market has climbed higher in four straight sessions, gathering almost 65 points or 2.3 percent along the way. The Straits Times Index now sits just above the 2,905-point plateau although it's expected to spin its wheels on Friday.
The global forecast for the Asian suggests consolidation after the markets responded yesterday to the positive catalysts and are now overbought. The European and U.S. markets were up and the Asian bourses are due for profit taking.
The STI finished sharply higher on Thursday following gains from the financial shares and industrials, while the properties were mixed.
For the day, the index jumped 43.96 points or 1.54 percent to finish at 2,906.97 after trading between 2,884.18 and 2,912.70. Volume was 2.38 billion shares worth 1.79 billion Singapore dollars. There were 314 gainers and 184 decliners.
Among the actives, SingTel surged 4.35 percent, while DBS Group soared 3.46 percent, United Overseas Bank spiked 2.84 percent, Oversea-Chinese Banking Corporation accelerated 2.28 percent, Yangzijiang Shipbuilding rallied 2.06 percent, Hongkong Land plunged 1.86 percent, CapitaLand jumped 1.83 percent, Wilmar International climbed 1.82 percent, SATS gathered 1.78 percent, CapitaLand Integrated Commercial Trust skidded 1.78 percent, Singapore Airlines perked 1.66 percent, Keppel Corp advanced 1.65 percent, Comfort DelGro added 1.20 percent, City Developments sank 1.05 percent, Ascendas REIT dropped 0.99 percent, Dairy Farm International gained 0.95 percent, Singapore Exchange rose 0.94 percent, Singapore Exchange improved 0.88 percent, Singapore Technologies Engineering increased 0.52 percent, Mapletree Logistics Trust fell 0.50 percent, Mapletree Commercial Trust was up 0.47 percent and Genting Singapore, SembCorp Industries, Thai Beverage and CapitaLand Commercial Trust were unchanged.
The lead from Wall Street is broadly positive as stocks moved sharply higher on Thursday and reached fresh record closing highs.
The Dow climbed 211.73 points or 0.69 percent to finish at 31,041.13, while the NASDAQ surged 326.69 points or 2.56 percent to end at 13.067.48 and the S&P 500 gained 55.65 points or 1.48 percent to close at 3,803.79.
The strength on Wall Street came as U.S. lawmakers certified President-elect Joe Biden's victory after the process was delayed by several hours as supporters of President Donald Trump stormed the U.S. Capitol building.
The certification of Biden's victory along with Democratic victories in Georgia's Senate runoff elections will give Democrats control of the House, Senate and the White House, which is expected to lead to additional stimulus.
In economic news, the Labor Department noted a modest decrease in first-time claims for U.S. unemployment benefits last week. Also, The Institute for Supply Management said service sector activity in the U.S. unexpectedly grew at a faster pace in December.
Crude oil futures ended higher on Thursday, extending gains to a third straight session, with the recent data showing a drop in stockpiles continuing to support prices. West Texas Intermediate Crude oil futures for February ended up $0.20 or 0.4 percent at $50.83 a barrel.
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