The Singapore stock market has moved higher in two of three trading days since the end of the two-day slide in which it had fallen more than 20 points or 0.7 percent. The Straits Times Index now sits just beneath the 3,130-point plateau although it figures to turn lower again on Friday.
The global forecast for the Asian markets is mixed to lower, with profit taking - especially among technology stocks - fueling a downward correction after sharp gains a day earlier. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The STI finished modestly higher on Thursday following gains from the financial shares and the industrials.
For the day, the index improved 13.92 points or 0.45 percent to finish at 3,128.80 after trading between 3,113.05 and 3,137.31. Volume was 941 million shares worth 979.1 million Singapore dollars. There were 265 gainers and 202 decliners.
Among the actives, Ascendas REIT shed 0.34 percent, while CapitaLand Integrated Commercial Trust retreated 0.50 percent, City Developments plummeted 2.69 percent, Comfort DelGro tumbled 1.43 percent, Dairy Farm International plunged 2.48 percent, DBS Group spiked 1.35 percent, Hongkong Land tanked 1.85 percent, Keppel Corp gained 0.39 percent, Oversea-Chinese Banking Corporation collected 0.80 percent, SATS added 0.52 percent, SembCorp Industries surged 3.59 percent, Singapore Airlines dipped 0.20 percent, Singapore Exchange fell 0.21 percent, Singapore Technologies Engineering rose 0.27 percent, SingTel advanced 0.83 percent, United Overseas Bank climbed 1.31 percent, Yangzijiang Shipbuilding sank 0.77 percent and Singapore Press Holdings, Wilmar International, Mapletree Commercial Trust, Mapletree Logistics Trust, Genting Singapore and Thai Beverage were unchanged.
The lead from Wall Street is negative as the major averages opened slightly higher on Thursday but quickly turned lower, sinking to session lows at the close.
The Dow dipped 29.79 points or 0.08 percent to finish at 35,897.64, while the NASDAQ plummeted 385.15 points or 2.47 percent to close at 15,180.43 and the S&P 500 sank 41.18 points or 0.87 percent to end at 4,668.67.
The pull back on Wall Street came as traders continued to digest the Federal Reserve's monetary policy announcement on Wednesday, which was to accelerate the pace of tapering its asset purchases and forecast as many as three interest rate hikes next year.
While some stocks benefited from reduced uncertainty about the outlook for monetary policy, high-growth tech stocks fell sharply amid concerns about the impact of higher interest rates.
In economic news, the Labor Department noted a modest rebound in first-time jobless claims last week, while the Fed also said U.S. industrial production increased less than expected in November. Also, the Commerce Department said housing starts and building permits both surged much more than expected last month.
Crude oil futures settled higher Thursday, aided by data showing increased demand for energy in the U.S. and a larger than expected drop in U.S. crude stockpiles last week. West Texas Intermediate Crude oil futures for January ended higher by $1.51 or 2.1 percent at $72.38 a barrel.