Rebound Anticipated For Singapore Stock Market

(RTTNews) - The Singapore stock market on Monday ended the four-day winning streak in which it had improved almost 90 points or 2.2 percent. The Straits Times Index now sits just beneath the 3,965-point plateau although it's expected to bounce higher again on Tuesday.

The global forecast for the Asian markets is mixed to higher on trade deal optimism. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The STI finished barely lower on Monday following mixed performances from the financial shares, property stocks and industrial issues.

For the day, the index slipped 1.91 points or 0.05 percent to finish at 3,964.29 after trading between 3,958.04 and 3,971.70.

Among the actives, CapitaLand Ascendas REIT fell 0.37 percent, while CapitaLand Integrated Commercial Trust lost 0.46 percent, CapitaLand Investment improved 0.76 percent, City Developments climbed 0.97 percent, DBS Group collected 0.11 percent, DFI Retail spiked 1.10 percent, Hongkong Land stumbled 1.20 percent, Keppel Ltd dipped 0.27 percent, Mapletree Industrial Trust added 0.49 percent, Mapletree Logistics Trust advanced 0.85 percent, Oversea-Chinese Banking Corporation eased 0.24 percent, SATS dropped 0.98 percent, Seatrium Limited slumped 0.99 percent, SembCorp Industries gained 0.29 percent, Singapore Technologies Engineering shed 0.51 percent, SingTel sank 0.52 percent, Thai Beverage tanked 1.08 percent, UOL Group jumped 1.48 percent, Wilmar International plunged 1.37 percent, Yangzijiang Financial rallied 1.37 percent and Yangzijiang Shipbuilding, Genting Singapore, Keppel DC REIT, Mapletree Pan Asia Commercial Trust, Comfort DelGro and United Overseas Bank were unchanged.

The lead from Wall Street is positive as the major averages opened higher and remained in the green throughout the session, ending near daily highs.

The Dow jumped 275.50 points or 0.63 percent to finish at 44,094.77, while the NASDAQ climbed 96.28 points or 0.47 percent to close at 20,369.73 and the S&P 500 gained 31,88 points or 0.52 percent to end at 6,204.95.

The continued strength on Wall Street came amid ongoing optimism about trade deals ahead of the impending deadline for U.S. reciprocal tariffs early next month.

Positive sentiment was also generated in reaction to news Canada has rescinded its digital services tax on American tech firms, which were initially set to begin being collected on Monday.

Crude oil prices closed lower on Monday amid a backdrop of easing Middle Eastern tensions and concerns of excess supply as OPEC plans to scale up production. West Texas Intermediate crude for August delivery closed down by $0.41 to settle at $65.11 per barrel.