Singapore Bourse May Extend Winning Streak

(RTTNews) - The Singapore stock market has climbed higher in six straight sessions, jumping more than 120 points or 2.9 percent along the way. The Straits Times Index now sits just above the 4,450-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets is mildly positive ahead of the U.S. interest rate decision later today. 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 Tuesday following gains from the financial shares, weakness from the properties and a mixed picture from the industrials.

For the day, the index rose 10.06 points or 0.23 percent to finish at 4,450.36 after trading between 4,446.38 and 4,478.15.

Among the actives, CapitaLand Ascendas REIT gained 0.35 percent, while CapitaLand Integrated Commercial Trust lost 0.41 percent, City Developments eased 0.13 percent, Comfort DelGro shed 0.68 percent, DBS Group jumped 0.90 percent, DFI Retail Group stumbled 2.57 percent, Genting Singapore and Mapletree Pan Asia Commercial Trust both rallied 0.68 percent, Hongkong Land declined 0.97 percent, Keppel DC REIT sank 0.82 percent, Keppel Ltd added 0.41 percent, Mapletree Industrial Trust spiked 0.91 percent, Mapletree Logistics Trust soared 2.31 percent, Oversea-Chinese Banking Corporation rose 0.30 percent, SATS fell 0.29 percent, Seatrium Limited skidded 0.91 percent, SembCorp Industries climbed 0.46 percent, Singapore Technologies Engineering slipped 0.23 percent, SingTel slumped 0.92 percent, Thai Beverage tumbled 2.02 percent, United Overseas Bank collected 0.43 percent, UOL Group dropped 0.85 percent, Wilmar International surged 3.28 percent, Yangzijiang Shipbuilding retreated 1.97 percent and CapitaLand Investment and Frasers Centrepoint Trust were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher and remained in the green throughout the trading day, ending at fresh record closing highs.

The Dow climbed 161.78 points or 0.34 percent to finish at 47,706.37, while the NASDAQ jumped 190.04 points or 0.80 percent to close at 23,827.49 and the S&P added 15.73 points or 0.23 percent to end at 6,890.89.

The strength on Wall Street came as stocks continued to benefit from recent upward momentum amid optimism about a potential trade deal between the U.S. and China.

However, traders seemed somewhat reluctant to make more significant moves ahead of the Federal Reserve's monetary policy announcement later today.

While the Fed is widely expected to lower interest rates by another quarter point, traders will look to the accompanying statement and Fed Chair Jerome Powell's post-meeting comments for clues about the likelihood of further rate cuts.

Crude oil prices moved sharply lower on Tuesday on news that OPEC is leaning toward another modest increase in production in December. West Texas Intermediate crude for December delivery plunged $1.32 or 2.2 percent to $59.99 a barrel.