Singapore’s benchmark Straits Times Index (.FTSTI) fell 1.99% to 2,932.04 points on Wednesday. US stocks rose last night after the Federal Reserve pointed to signs of strength in the economy, comments that gave some relief to investors worried about possible debt defaults in Europe.

Singapore’s annual inflation could hit its highest in nearly two years in the fourth quarter, the central bank said on Wednesday, but further policy tightening at its next review in October appears unlikely for now.

Singapore Airlines may be in focus on Thursday after the airline industry body IATA said demand for both international air travel and air freight sped up in March with the rebound on the back of economic recovery exceeding expectations. The International Air Transport Association also said on Wednesday the air traffic recovery would dip in April because of the disruption from the Icelandic volcanic eruption, which hit European carriers in particular.

Global Palm Resources Holdings said at the close of the public offer at 12 noon on 27 April 2010, the Invitation was 2.54 times subscribed, with application monies received amounting to $79.4 million. Trading of its shares starts today.

Singapore-listed coal miner Straits Asia Resources (STRL.SI), 45% owned by Thailand’s PTT Asia Pacific Mining Pty Ltd, may be in focus on Thursday after the company reported overnight a 68% fall in its net profit for the first quarter of 2010 to to $15.4 million. Straits Asia attributed the profit plunge to lower average selling prices and higher cost of sales although its sales revenue rose 10% from a year earlier.

Del Monte Pacific announced a net loss of US$0.9 million ($1.2 million) for the first quarter of 2010 compared to a net profit of US$4.1 million in the same period last year primarily due to higher raw material costs, and higher advertising, promotion and selling expenses. However, sales grew by 9% to US$65.9 million from US$60.4 million in the prior year quarter due to higher turnover of fresh and processed pineapple exports and S&W products.

Allgreen Properties reported net profit for the first quarter 2010 rose 19.56% to $34.95 million. Revenue rose 93.15% to $155.94 million. The increase was mainly contributed by the development properties segment, with Holland Residences and Viva contributing to the higher revenue.