Rally May Stall For Singapore Stock Market

(RTTNews) - The Singapore stock market has finished higher in back-to-back sessions, advancing more than 80 points or 1.6 percent in that span. The Straits Times Index now rests just above the 5,070-point plateau although it may run out of steam on Wednesday.

The global forecast for the Asian markets is weak on continued concerns over the conflict in the Middle East and on the outlook got interest rates. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The STI finished sharply higher on Tuesday following gains from the financial shares, property stocks and industrial issues.

For the day, the index jumped 75.59 points or 1.51 percent to finish at 5,072.34 after trading between 5,001.85 and 5,072.34.

Among the actives, CapitaLand Ascendas REIT and United Overseas Bank both collected 1.23 percent, while CapitaLand Integrated Commercial Trust expanded 1.78 percent, CapitaLand Investment spiked 3.08 percent, City Developments surged 4.85 percent, DBS Group strengthened 2.04 percent, DFI Retail Group added 1.21 percent, Genting Singapore slumped 0.85 percent, Hongkong Land sank 0.38 percent, Keppel DC REIT increased 1.32 percent, Keppel Ltd retreated 1.45 percent, Mapletree Pan Asia Commercial Trust rose 0.81 percent, Mapletree Industrial Trust gained 1.05 percent, Oversea-Chinese Banking Corporation climbed 1.69 percent, SATS improved 1.56 percent, Seatrium Limited was up 0.45 percent, SembCorp Industries perked 0.16 percent, Singapore Airlines vaulted 2.03 percent, Singapore Exchange accelerated 2.51 percent, Singapore Technologies Engineering jumped 2.13 percent, SingTel rallied 2.26 percent, Thai Beverage soared 4.49 percent, UOL Group advanced 1.60 percent, Wilmar International tumbled 1.62 percent, Yangzijiang Shipbuilding gathered 0.51 percent and Mapletree Logistics Trust was unchanged.

The lead from Wall Street is negative as the major averages opened lower on Tuesday and remained in the red throughout the trading day.

The Dow slumped 322.24 points or 0.65 percent to finish at 49,363.88, while the NASDAQ tumbled 220.03 points or 0.84 percent to close at 25,870.71 and the S&P 500 sank 49.44 points or 0.67 percent to end at 7,353.61.

The weakness on Wall Street came amid an extended surge by treasury yields, with the yield on the benchmark ten-year note jumping to its highest levels since January 2025.

Concerns about elevated crude oil prices leading to a sustained acceleration in the pace of inflation continued to drive yields higher and increase the possibility of an interest rate hike.

Crude oil prices took a breather on Tuesday following news the U.S. is halting its planned attacks on Iran, although the Strait of Hormuz remains closed. West Texas Intermediate crude for June was down $0.07 or 0.1 percent at $108.59 per barrel.