Singapore Shares May See Additional Support

(RTTNews) - The Singapore stock market has finished higher in three straight sessions, collecting almost 120 points or 2.4 percent along the way. The Straits Times Index now sits just above the 5,075-point plateau and it's likely to open to the upside again on Tuesday.

The global forecast for the Asian markets is upbeat, even though they've already had the chance to respond the easing of tensions in the Middle East. The European markets were mixed and the U.S. bourses were up and the Asian markets are tipped to at least open to the upside.

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

For the day, the index climbed 51.49 points or 1.02 percent to finish at 5,077.29 after trading between 5,061.05 and 5,095.12.

Among the actives, CapitaLand Investment added 0.78 percent, while City Developments surged 3.35 percent, DBS Group rose 0.40 percent, DFI Retail Group advanced 1.06 percent, Genting Singapore vaulted 1.65 percent, Hongkong Land elevated 1.50 percent, Keppel DC REIT slumped 1.31 percent, Keppel Ltd accelerated 2.82 percent, Mapletree Pan Asia Commercial Trust increased 0.79 percent, Oversea-Chinese Banking Corporation improved 0.89 percent, SATS jumped 2.28 percent, Seatrium Limited soared 3.09 percent, SembCorp Industries climbed 1.31 percent, Singapore Airlines rallied 2.43 percent, Singapore Exchange spiked 2.97 percent, Singapore Technologies Engineering expanded 1.61 percent, United Overseas Bank collected 0.76 percent, UOL Group strengthened 2.11 percent, Wilmar International sank 0.56 percent, Yangzijiang Shipbuilding and Jardine Matheson both skyrocketed 4.35 percent and CapitaLand Ascendas REIT, CapitaLand Integrated Commercial Trust, Mapletree Industrial Trust, Mapletree Logistics Trust, Frasers Logistics & Commercial Trust, Frasers Centrepoint Trust, SingTel and Thai Beverage were unchanged.

The lead from Wall Street is broadly positive as the major averages opened sharply higher on Monday and remained that way throughout the trading day.

The Dow jumped 468.77 points or 0.92 percent to finish at 51,671.03, while the NASDAQ surged 795.10 points or 3.07 percent to end at 26,683.94 and the S&P 500 rallied 122.83 points or 1.65 percent to close at 7,554.29.

The rally on Wall Street followed news that the U.S. and Iran have reached an agreement to end more than three months of war.

The agreement reportedly extends the U.S.-Iran ceasefire for 60 days, with the countries set to use that window to negotiate over Iran's nuclear enrichment and the disposal of its highly enriched uranium.

Crude oil prices plummeted Monday after the U.S. and Iran reached an agreement to end their conflict and allow the immediate resumption of trade via the Strait of Hormuz. West Texas Intermediate crude for July delivery was down $4.31 or 5.08 percent at $80.57 per barrel.

In U.S. economic news, a report released by the Federal Reserve showed a modest increase in industrial production in the U.S. in May.