Soft Start Anticipated For Singapore Stock Market

(RTTNews) - The Singapore stock market has tracked higher in back-to-back sessions, collecting more than 60 points or 1.2 percent along the way. The Straits Times Index now rests just above the 4,920-point plateau although it's expected to open under water on Tuesday.

The global forecast for the Asian markets is negative amidst rising hostilities in the Middle East. The European and U.S. markets were down and the Asian bourses are expected to follow suit.

The STI finished modestly higher on Monday following gains from the property stocks and mixed performances from the financial shares and industrials.

For the day, the index added 11.62 points or 0.24 percent to finish at the daily low of 4,924.31 after peaking at 4,960.14.

Among the actives, CapitaLand Ascendas REIT increased 0.80 percent, while CapitaLand Investment lost 0.38 percent, City Developments advanced 0.86 percent, DBS Group collected 0.17 percent, Hongkong Land gained 0.63 percent, Keppel DC REIT shed 0.43 percent, Mapletree Pan Asia Commercial Trust climbed 1.55 percent, Mapletree Industrial Trust sank 0.51 percent, Mapletree Logistics Trust improved 0.82 percent, Oversea-Chinese Banking Corporation eased 0.14 percent, SATS rose 0.61 percent, SembCorp Industries gathered 0.45 percent, Singapore Airlines fell 0.32 percent, Singapore Exchange tumbled 1.57 percent, Singapore Technologies Engineering was up 0.09 percent, SingTel rallied 1.74 percent, Thai Beverage spiked 2.38 percent, United Overseas Bank and Frasers Centrepoint Trust both perked 0.06 percent, UOL Group added 0.66 percent, Venture Corporation surged 5.49 percent, Wilmar International soared 3.05 percent, Yangzijiang Shipbuilding jumped 1.86 percent and Keppel Ltd, DFI Retail Group, Genting Singapore, CapitaLand Integrated Commercial Trust and Seatrium Limited were unchanged.

The lead from Wall Street is weak as the major averages opened mixed on Monday but quickly headed south and finished solidly in the red.

The Dow tumbled 557.37 points or 1.13 percent to finish at 48,941.90, while the NASDAQ dropped 46.64 points or 0.19 percent to close at 25,067.80 and the S&P 500 sank 29.37 points or 0.41 percent to end at 7,200.75.

The weakness that emerged on Wall Street came amid a substantial increase by the price of crude oil after a social media post from the United Arab Emirates's Defense Ministry said four cruise missiles launched from Iran were detected toward various areas across the country.

A report from Reuters indicating a fire broke out at a major oil industry zone in the U.A.E. following an Iranian drone attack also added to concerns about a re-escalation of the Middle East conflict.

Iranian state media also claimed the Islamic Revolutionary Guard Corps hit a U.S. warship with two missiles, although U.S. Central Command denied the report and said, "No U.S. Navy ships have been struck."

Crude oil prices skyrocketed on Monday as the Strait of Hormuz blockade continues to hold oil transit, despite the ongoing diplomatic efforts to end the U.S.-Iran war. West Texas Intermediate crude for June delivery was up $4.00 or 3.92 percent at $105.94 per barrel.