Win Streak May Continue For Singapore Stock Market

(RTTNews) - The Singapore stock market has finished higher in back-to-back sessions, collecting almost 110 points or 2.1 percent in that span. The Straits Times Index now sits just beneath the 5,100-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets is mildly positive on hopes for an end to hostilities in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The STI finished sharply higher on Tuesday following gains from the financial shares and mixed performances from the industrial issues and property stocks.

For the day, the index climbed 59.56 points or 1.18 percent to finish at the daily high of 5,097.42 after trading as low as 5,027.30.

Among the actives, CapitaLand Integrated Commercial Trust rose 0.44 percent, while City Developments skidded 1.63 percent, DBS Group and Oversea-Chinese Banking Corporation both rallied 2.91 percent, DFI Retail Group declined 1.75 percent, Genting Singapore gained 0.83 percent, Hongkong Land shed 1.05 percent, Keppel DC REIT sank 1.30 percent, Keppel Ltd vaulted 1.77 percent, Mapletree Pan Asia Commercial Trust dropped 1.56 percent, Mapletree Logistics Trust lost 0.83 percent, SATS spiked 2.60 percent, Seatrium Limited stumbled 1.89 percent, SembCorp Industries contracted 1.72 percent, Singapore Airlines perked 0.15 percent, Singapore Exchange added 0.46 percent, Singapore Technologies Engineering retreated 1.93 percent, Thai Beverage tanked 3.33 percent, United Overseas Bank jumped 2.13 percent, UOL Group tumbled 1.97 percent, Wilmar International plummeted 4.18 percent, Yangzijiang Shipbuilding slumped 1.65 percent and CapitaLand Ascendas REIT, CapitaLand Investment, Mapletree Industrial Trust and SingTel were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages were able to shake off early weakness and find modest gains on Tuesday, with all three hitting record closing highs for the third day in a row.

The Dow added 228.91 points or 0.45 percent to finish at 51,307.79, while the NASDAQ rose 7.09 points or 003 percent to close at 27,093.90 and the S&P 500 added 9.86 points or 0.13 percent to end at 7,609.82.

Stocks had benefitted from optimism for an end to the U.S.-Iran conflict in the past few sessions, but differing accounts from U.S. President Donald Trump and the Israelian Prime Minister Benjamin Netanyahu dampened hopes. A rebound by the price of crude oil also limited the upside.

Crude oil prices jumped on Tuesday as the U.S.-Iran Memorandum of Understanding has been delayed. Also, global energy watchdogs warn of accelerating crude oil inventory depletion. West Texas Intermediate crude for July was up $1.57 or 1.70 percent at $93.73 per barrel.

While uncertainty about the situation in the Middle East has kept some traders on the sidelines, optimism about the AI trade continues to generate positive sentiment on Wall Street.