The Singapore stock market has finished higher in three straight sessions, advancing almost 90 points or 2.9 percent along the way. The Straits Times Index now sits just above the 3,320-point plateau and it's expected to extend its gains on Friday.
The global forecast for the Asian markets is upbeat amidst upward momentum after brutal selling earlier in the week. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The STI finished modestly higher on Thursday following gains from the financial shares, property stocks and industrial issues.
For the day, the index gained 31.81 points or 0.97 percent to finish at 3,322.71 after trading between 3,294.78 and 3,345.92. Volume was 1.47 billion shares worth 1.69 billion Singapore dollars. There were 369 gainers and 175 decliners.
Among the actives, Ascendas REIT accelerated 2.14 percent, CapitaLand Integrated Commercial Trust gained 0.93 percent, City Developments added 1.10 percent, Comfort DelGro climbed 1.43 percent, Dairy Farm International surged 3.70 percent, DBS Group collected 0.43 percent, Genting Singapore perked 0.65 percent, Hongkong Land skyrocketed 4.69 percent, Keppel Corp was up 0.81 percent, Mapletree Commercial Trust spiked 2.17 percent, Mapletree Logistics Trust jumped 1.68 percent, Oversea-Chinese Banking Corporation rallied 1.76 percent, SATS advanced 1.27 percent, SembCorp Industries and SingTel both rose 0.78 percent, Singapore Airlines improved 1.36 percent, Singapore Exchange was up 0.52 percent, Singapore Technologies Engineering lost 0.49 percent, Thai Beverage soared 2.22 percent, United Overseas Bank strengthened 1.58 percent, Wilmar International declined 1.28 percent, Yangzijiang Shipbuilding slumped 0.74 percent and Singapore Press Holdings was unchanged.
The lead from Wall Street ends up solidly positive as the major averages shook off early directionless trade, accelerating in the afternoon to finish near daily highs.
The Dow surged 417.66 points or 1.23 percent to finish at 34,480.76, while the NASDAQ soared 178.23 points or 1.33 percent to end at 13,614.78 and the S&P 500 climbed 53.81 points or 1.23 percent to close at 4,411.67.
The strength that emerged on Wall Street reflects recent upward momentum, with the major averages extending the rally seen over the two previous sessions. The rebound has helped lift stocks well off their recent lows but also well shy of record highs.
The markets also continued to digest the Federal Reserve's decision to raise interest rates for the first time since December 2018 on Wednesday. The Fed raised rates by 25 basis points to 0.25 to 0.5 percent and signaled several more rate hikes are likely over the coming months.
In economic news, the Labor Department said first-time claims for U.S. unemployment benefits fell more than expected last week. Also, the Commerce Department said housing starts rebounded than expected in February.
Crude oil prices climbed higher Thursday after the International Energy Agency warned of a possible supply loss from Russia in the coming weeks due to the sanctions imposed on the country. West Texas Intermediate Crude oil futures for April ended higher by $7.94 or 8.4 percent at $102.98 a barrel.