Singapore Stock Market May Pick Up Steam On Tuesday

(RTTNews) - The Singapore stock market rebounded on Monday, one session after ending the two-day winning streak in which it had risen 7 points or 0.2 percent. The Straits Times Index now sits just beneath the 4,500-point plateau and it may see additional support on Tuesday. The global forecast for the Asian markets is mixed to higher, with support expected from the technology and oil sectors. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead. The STI finished modestly higher on Monday following mixed performances from the financial shares, property stocks and industrial issues. For the day, the index gained 27.49 points or 0.62 percent to finish at 4,496.63 after trading between 4,459.83 and 4,504.48. Among the actives, CapitaLand Ascendas REIT spiked 1.80 percent, while CapitaLand Integrated Commercial Trust rallied 1.29 percent, CapitaLand Investment jumped 1.15 percent, DBS Group shed 0.54 percent, DFI Retail Group added 0.88 percent, Genting Singapore slumped 0.68 percent, Hongkong Land surged 3.95 percent, Keppel DC REIT gathered 0.43 percent, Keppel Ltd soared 2.63 percent, Mapletree Pan Asia Commercial Trust rose 0.70 percent, Mapletree Industrial Trust advanced 1.00 percent, Mapletree Logistics Trust gained 0.78 percent, Oversea-Chinese Banking Corporation expanded 0.06 percent, SATS picked up 0.30 percent, Seatrium Limited lost 0.48 percent, SembCorp Industries accelerated 1.48 percent, Singapore Technologies Engineering improved 0.95 percent, SingTel climbed 1.05 percent, Thai Beverage strengthened 1.08 percent, United Overseas Bank collected 0.12 percent, UOL Group increased 0.94 percent, Wilmar International perked 0.31 percent, Yangzijiang Financial stumbled 1.03 percent, Yangzijiang Shipbuilding sank 0.60 percent and City Developments and Comfort DelGro were unchanged. The lead from Wall Street is strong as the major averages opened mixed on Monday but quickly turned higher and accelerated throughout the day, ending near session highs.

The Dow advanced 202.86 points or 0.44 percent to finish at 26,448.27, while the NASDAQ surged 598.92 points or 2.69 percent to end at 22,872.01 and the S&P 500 climbed 102.13 points r 1.55 percent to close at 6,705.12.

The rally on Wall Street came as traders continued to pick up stocks at relatively reduced levels after concerns about valuations and the outlook for interest rates weighed on the markets for much of last week.

Positive sentiment may also have been generated amid signs of progress toward an agreement to end the protracted war between Russia and Ukraine.

Semiconductor stocks led the way higher, with the Philadelphia Semiconductor Index soaring by 4.4 percent. Computer hardware and networking stocks are also seeing substantial strength, contributing to the surge by the tech-heavy NASDAQ.

Crude oil prices surged on Monday, supported by a positive economic outlook and more demand growth. West Texas Intermediate crude for January delivery was up $0.73 or 1.26 percent at $58.79 per barrel. Closer to home, Singapore will release Q3 figures for gross domestic product later today. GDP is expected to rise 1.3 percent on quarter and 2.9 percent on year after gaining 1.4 percent on quarter and 4.5 percent on year in the three months prior.