The Singapore stock market has climbed higher in back-to-back trading days, gathering almost 30 points or 0.8 percent along the way. The Straits Times Index now rests just above the 3,550-point plateau although the rally may stall on Wednesday.
The global forecast for the Asian markets is soft thanks to expected profit taking after recent strength - while a fall in crude oil prices adds to the negative sentiment. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The STI finished modestly higher on Tuesday following gains from the industrials and properties, while the financials came in mixed.
For the day, the index advanced 13.80 points or 0.39 percent to finish at 3,550.21 after trading between 3,527.73 and 3,557.04. Volume was 2.12 billion shares worth 1.12 billion Singapore dollars. There were 272 gainers and 182 decliners.
Among the actives, SembCorp Marine skyrocketed 9.42 percent, while SembCorp Industries surged 2.48 percent, Keppel Corp climbed 1.72 percent, Comfort DelGro spiked 1.50 percent, Hutchison Port Holdings tumbled 1.12 percent, Oversea-Chinese Banking Corporation jumped 0.99 percent, CapitaLand advanced 0.80 percent, Genting Singapore added 0.77 percent, United Overseas Bank collected 0.71 percent, Yangzijiang Shipbuilding gained 0.63 percent, Thai Beverage gathered 0.53 percent, SingTel was up 0.28 percent, DBS Group eased 0.11 percent and Global Logistic Properties, Golden Agri-Resources, Ascendas REIT and Wilmar International all were unchanged.
The lead from Wall Street is negative as stocks shrugged off an early move to the upside on Tuesday to finish in the red.
The Dow shed 10.33 points or 0.04 percent to 25,792.86, while the NASDAQ fell 37.38 points or 0.51 percent to 7,223.69 and the S&P 500 slid 9.82 points or 0.35 percent to 2,776.42.
Profit taking likely contributed to the pullback by stocks, although the decline was relatively subdued compared to the recent strength.
The initial upward movement by stocks came as traders expressed about the economic outlook and the impending earnings season following better than expected quarterly results from Dow components Citigroup (C) and UnitedHealth (UNH).
Crude oil futures edged lower Tuesday for the first time in six sessions, as the dollar stabilized from three-year lows. WTI light sweet crude oil fell 57 cents or 0.9 percent to $63.73/bbl, easing from the highest since 2014.
by RTT Staff Writer
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