The Singapore stock market has finished higher in back-to-back trading days, collecting more than 70 points or 2.2 percent along the way. The Straits Times Index now rests just above the 3,460-point plateau and it's looking at another green light on Tuesday.
The global forecast for the Asian markets remains upbeat as a rate hike Wednesday from the FOMC has already largely been priced in. A jump in crude oil prices adds to the positive sentiment. The European and U.S. markets were up and the Asian bourses figure to follow suit.
The STI finished sharply higher on Monday following gains from the financial shares and property stocks.
For the day, the index jumped 35.81 points or 1.05 percent to finish at 3,460.45 after trading between 3,428.24 and 3,463.02. Volume was 1.5 billion shares worth 1 billion Singapore dollars. There were 254 gainers and 183 decliners.
Among the actives, Comfort DelGro surged 6.28 percent, while United Overseas Bank soared 2.63 percent, Yangzijiang Shipbuilding plummeted 2.58 percent, CapitaLand Commercial Trust spiked 2.13 percent, City Developments advanced 2.11 percent, Wilmar International jumped 1.61 percent, Genting Singapore climbed 1.52 percent, Oversea-Chinese Banking Corporation gained 1.21 percent, Keppel Corp tumbled 1.18 percent, DBS Group collected 0.97 percent, CapitaLand Mall Trust added 0.48 percent, SingTel fell 0.26 percent and Hutchison Port Holdings, Golden Agri-Resources and Thai Beverage all were unchanged.
The lead from Wall Street is firm as stocks moved mostly higher on Monday, allowing the Dow and the S&P 500 to hit fresh record closing highs.
The Dow rose 56.87 points or 0.23 percent to 24,386.03, while the NASDAQ advanced 35.00 points or 0.51 percent to 6,875.08 and the S&P 500 climbed 8.49 points or 0.32 percent to 2,659.99.
Traders were reluctant to make significant moves ahead of the Federal Reserve's monetary policy announcement on Wednesday.
With the Fed widely expected to raise interest rates by a quarter-point, traders are likely to keep a close eye on the accompanying statement as well as outgoing Fed Chair Janet Yellen's press conference for clues about the outlook for future rate hikes.
Crude oil prices rose Monday to their highest levels in a week. January WTI oil gained 63 cents or 1.1 percent to $57.99/bbl, moving back toward recent two-year highs near $60.
Closer to home, Singapore will release October numbers for retail sales later today, with forecasts suggesting an increase of 2.0 percent on month and 0.7 percent on year following the 4.2 percent monthly decline and the 0.5 percent yearly fall in September.
by RTT Staff Writer
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