Singapore Stock Market May Extend Tuesday's Gains

(RTTNews) - The Singapore stock market has moved higher in two of three trading days since the end of the seven-day losing streak in which it had slumped more than 135 points or 4.4 percent. The Straits Times Index now rests just beneath the 3,120-point plateau and it's looking at another green light for Wednesday's trade.

The global forecast for the Asian markets is upbeat, with oil, telecom and technology stocks expected to lead the way. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

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

For the day, the index improved 21.08 points or 0.68 percent to finish at 3,117.48 after trading between 3,102.84 and 3,127.26. Volume was 1.27 billion shares worth 961.7 million Singapore dollars. There were 334 gainers and 167 decliners.

Among the actives, CapitaLand Investment fell 0.26 percent, while City Developments improved 0.74 percent, DBS Group jumped 1.14 percent, Genting Singapore increased 0.68 percent, Hongkong Land accelerated 1.24 percent, Keppel Corp gained 0.30 percent, Mapletree Commercial Trust added 0.56 percent, Mapletree Industrial Trust advanced 0.80 percent, Oversea-Chinese Banking Corporation rallied 0.88 percent, SATS climbed 1.01 percent, SembCorp Industries skyrocketed 4.68 percent, Singapore Exchange shed 0.32 percent, Singapore Technologies Engineering dipped 0.25 percent, SingTel spiked 2.00 percent, Thai Beverage sank 0.76 percent, United Overseas Bank collected 0.04 percent, Wilmar International rose 0.25 percent, Yangzijiang Financial soared 2.20 percent, Yangzijiang Shipbuilding surged 2.59 percent and Mapletree Logistics Trust, CapitaLand Integrated Commercial Trust, Ascendas REIT, Comfort DelGro and DFI Retail were unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and remained solidly in the green throughout the day, closing near session highs.

The Dow surged 641.47 points or 2.15 percent to finish at 30,530.25, while the NASDAQ spiked 270.95 points or 2.51 percent to end at 11,069.30 and the S&P 500 jumped 89.95 points or 2.45 percent to close at 3,764.79.

The rally on Wall Street came as traders picked up stocks at reduced levels following recent weakness in the markets. Bargain hunting also contributed to strength in the overseas markets that carried over onto Wall Street early in the day.

In economic news, the National Association of Realtors noted another steep drop in U.S. existing home sales in May.

Crude oil prices bounced higher again Tuesday, recovering from the selloff in the previous session that was fueled by recession concerns. West Texas intermediate for August delivery jumped $1.53 or 1.4 percent to $109.52 a barrel.