Singapore Stock Market Overdue For Consolidation On Tuesday

(RTTNews) - The Singapore stock market has moved higher in 11 straight sessions, improving more than 185 points or 4.7 percent along the way. The Straits Times Index now rests just beneath the 4,210-point plateau although it's likely to see profit taking on Tuesday.

The global forecast for the Asian markets offers little clarity as investors wait and see what happens with tariff deadlines. The European and U.S. markets were mixed and little changed and the Asian bourses are expected to open in similar fashion.

The STI finished modestly higher on Monday following gains from the property stocks and industrial issues, while the financials were mixed.

For the day, the index added 17.63 points or 0.42 percent to finish at 4,207.13 after trading between 4,195.98 and 4,225.79.

Among the actives, CapitaLand Ascendas REIT jumped 1.45 percent, while CapitaLand Integrated Commercial Trust expanded 1.36 percent, CapitaLand Investment rose 0.73 percent, City Developments surged 2.54 percent, DBS Group collected 0.57 percent, Genting Singapore strengthened 1.37 percent, Hongkong Land improved 0.96 percent, Keppel DC REIT lost 0.44 percent, Keppel Ltd rallied 1.49 percent, Mapletree Pan Asia Commercial Trust accelerated 1.59 percent, Mapletree Industrial Trust advanced 0.99 percent, Mapletree Logistics Trust increased 0.85 percent, Oversea-Chinese Banking Corporation fell 0.35 percent, SATS climbed 1.22 percent, Seatrium Limited added 0.84 percent, SembCorp Industries gained 0.77 percent, Singapore Technologies Engineering perked 0.36 percent, SingTel sank 0.48 percent, United Overseas Bank was up 0.27 percent, UOL Group gathered 0.59 percent, Wilmar International dropped 0.98 percent, Yangzijiang Financial spiked 1.66 percent, Yangzijiang Shipbuilding soared 2.08 percent and Comfort DelGro, DFI Retail Group and Thai Beverage were unchanged.

The lead from Wall Street is uninspired as the major averages opened solidly higher on Monday but ebbed throughout the session before ending mixed and little changed.

The Dow sank 19.12 points or 0.04 percent to finish at 44,323.07, while the NASDAQ gained 78.52 points or 0.38 percent to close at a fresh record 20,974.17 and the S&P 500 rose 8.81 points or 0.14 percent to end at 6,305.60 - also a record.

The early strength on Wall Street reflected optimism about potential trade deals, with Commerce Secretary Howard Lutnick saying he is confident the U.S. will reach an agreement with the European Union.

Buying interest waned over the course of the session, however, as traders looked ahead to the release of earnings news from several big-name companies this week, including Google parent Alphabet (GOOGL), Tesla (TSLA) and Intel (INTC).

On the U.S. economic front, a report released by the Conference Board showed its reading on leading U.S. economic indicators fell by slightly more than expected in the month of June.

Crude oil prices slipped on Monday as investors seem concerned that heavy tariffs could block international trade and reduce demand for oil and energy. West Texas Intermediate crude for August delivery dipped $0.11 to $69.17 per barrel.