Singapore Stock Market Tipped To Open To The Upside


The Singapore stock market has moved higher in consecutive trading days, advancing almost 100 points or 3 percent in that span. The Straits Times Index now rests just above the 3,270-point plateau and it’s likely to open in the green again on Wednesday.

The global forecast for the Asian markets is upbeat on optimism over earnings season. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.

The STI finished sharply higher on Tuesday following gains from the financial shares, property stocks and trusts.

For the day, the index jumped 47.55 points or 1.47 percent to finish at 3,272.72 after trading between 3,250.49 and 3,273.17.

Among the actives, Ascendas REIT advanced 1.57 percent, while CapitaLand Integrated Commercial Trust surged 2.67 percent, CapitaLand Investment soared 2.35 percent, City Developments was up 0.34 percent, Comfort DelGro perked 0.68 percent, DBS Group climbed 1.61 percent, Emperador slumped 1.10 percent, Genting Singapore added 1.08 percent, Hongkong Land skyrocketed 3.77 percent, Keppel DC REIT jumped 1.81 percent, Mapletree Pan Asia Commercial Trust strengthened 1.63 percent, Mapletree Industrial Trust accelerated 1.82 percent, Mapletree Logistics Trust spiked 2.29 percent, Oversea-Chinese Banking Corporation collected 1.37 percent, SATS rose 0.82 percent, SembCorp Industries rallied 1.70 percent, Singapore Technologies Engineering gathered 0.75 percent, SingTel gained 0.85 percent, Wilmar International increased 1.17 percent, Yangzijiang Financial and Venture Corporation both improved 1.52 percent, Yangzijiang Shipbuilding tumbled 1.71 percent and Keppel Ltd, Seatrium Limited and Thai Beverage were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Tuesday and remained well in the green throughout the trading day.

The Dow jumped 263.71 points or 0.69 percent to finish at 38,503.69, while the NASDAQ spiked 245.33 points or 1.59 percent to end at 15,696.64 and the S&P 500 rallied 59.95 points or 1.20 percent to close at 5,070.55.

Quarterly earnings guided the markets, with Globe Life, GE Aerospace, Kimberly-Clark and General Motors advancing on strong results.

In economic news, the Commerce Department reported that new home sales jumped more than expected in March, although building permits slumped.

Traders await more economic data this week, including the release of first-quarter U.S. GDP data as well as the core personal-consumption expenditures (PCE) price index, which is the Fed’s preferred measure of inflation.

Oil prices moved higher on Tuesday after data showed a slowdown in U.S. manufacturing activity in April, raising hopes the Federal Reserve will start cutting interest rates soon. West Texas Intermediate crude oil futures for June rose $1.46 or 1.78 percent at $83.36 a barrel. – RTT News

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