Singapore Stock Market Has A Green Light For Tuesday’s Trade

(RTTNews) – The Singapore stock market has moved higher in two of three trading days since the end of the two-day slide in which it had fallen more than 15 points or 0.6 percent. The Straits Times Index now sits just above the 2,515-point plateau and it may add to its winnings on Tuesday.

The global forecast for the Asian markets is upbeat as Donald Trump’s release from the hospital cuts into the uncertainty surrounding the U.S. political scene. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

The STI finished modestly higher on Monday following gains from the financial shares, property stocks and industrial issues.

For the day, the index gained 21.12 points or 0.85 percent to finish at 2,517.23 after trading between 2,504.89 and 2,522.40. Volume was 1.09 billion shares worth 992 million Singapore dollars. There were 225 gainers and 182 decliners.

Among the actives, SATS surged 3.38 percent, while Wilmar International soared 2.73 percent, CapitaLand Mall Trust spiked 2.09 percent, Singapore Airlines accelerated 1.45 percent, CapitaLand Commercial Trust jumped 1.21 percent, DBS Group climbed 1.03 percent, Yangzijiang Shipbuilding advanced 1.02 percent, Ascendas REIT skidded 0.92 percent, SembCorp Industries added 0.76 percent, CapitaLand rallied 0.73 percent, Comfort DelGro gained 0.70 percent, SingTel rose 0.46 percent, Singapore Technologies Engineering increased 0.28 percent, Keppel Corp was up 0.23 percent, United Overseas Bank collected 0.15 percent and Mapletree Logistics Trust, Genting Singapore, Mapletree Commercial Trust, Thai Beverage, Oversea-Chinese Banking Corporation, Singapore Exchange and Singapore Press Holdings all were unchanged.

The lead from Wall Street is firm as stocks moved sharply higher on Monday, offsetting the weakness in the previous session and sending the major averages to their best closing levels in a month.

The Dow jumped 465.83 points or 1.68 percent to finish at 28,148.64, while the NASDAQ surged 257.47 points or 2.32 percent to end at 11,332.49 and the S&P 500 spiked 60.19 points or 1.80 percent to close at 3,408.63.

The rally on Wall Street came on positive reports about Trump’s health after he was rushed to Walter Reed hospital on Friday; he was released from the hospital late Monday.

In economic news, the Institute for Supply Management said activity in the U.S. service sector unexpectedly grew at a faster rate in September.

Crude oil prices moved higher on Monday on optimism about a new U.S. coronavirus relief package, as well as an escalation in a workers strike in Norway. West Texas Intermediate Crude oil futures for November ended up $2.17 or 5.9 percent at $39.22 a barrel.

Closer to home, Singapore will see September results for its consumer confidence index later today; in August, the index score was 86.9.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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