The Singapore stock market has moved higher in three straight sessions, advancing almost 50 points or 1.7 percent along the way. The Straits Times Index now rests just above the 3,200-point plateau and it may extend its gains again on Tuesday.
The global forecast for the Asian is mostly positive on optimism for earnings - especially tech shares - although coronavirus concerns in India may cap the upside. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to follow suit.
The STI finished modestly higher on Monday following gains from the financial shares and property stocks, while the industrials were mixed.
For the day, the index gathered 10.86 points or 0.34 percent to finish at 3,204.90 after trading between 3,183.37 and 3,211.54. Volume was 1.67 billion shares worth 1.30 billion Singapore dollars. There were 316 gainers and 175 decliners.
Among the actives, Ascendas REIT improved 0.32 percent, while CapitaLand gained 0.54 percent, CapitaLand Integrated Commercial Trust climbed 0.92 percent, City Developments gathered 0.88 percent, Dairy Farm International shed 0.46 percent, DBS Group was up 0.17 percent, Keppel Corp accelerated 1.83 percent, Mapletree Commercial Trust jumped 0.94 percent, Mapletree Logistics Trust soared 2.03 percent, Oversea-Chinese Banking Corporation advanced 0.59 percent, SATS perked 0.74 percent, SembCorp Industries tumbled 1.81 percent, Singapore Airlines spiked 1.99 percent, Singapore Exchange dipped 0.19 percent, Singapore Press Holdings dropped 0.55 percent, Singapore Technologies Engineering sank 0.74 percent, SingTel rose 0.39 percent, United Overseas Bank collected 0.38 percent, Wilmar International added 0.57 percent, Yangzijiang Shipbuilding surged 2.13 percent and Comfort DelGro, Thai Beverage, Genting Singapore, Jardine Strategic Holdings and Hongkong Land were unchanged.
The lead from Wall Street is mixed to higher as the major averages opened in the green on Monday although the Dow was unable to hold its gains at the end of the day.
The Dow slipped 61.92 points or 0.18 percent to finish at 33,981.57, while the NASDAQ jumped 121.97 points or 0.87 percent to end at 14,138.78 and the S&P 500 rose 7.45 points or 0.18 percent to close at 4,187.62.
Tech stocks led the markets higher amid optimism ahead of the release of quarterly results from a number of big-name companies later this week.
Buying interest was subdued, however, as traders looked ahead to the Federal Reserve's monetary policy announcement on Wednesday. The Fed is widely expected to maintain its ultra-easy monetary policy, but traders will be paying close attention to any changes to the accompanying statement that may signal a shift in the near future.
In economic news, the Commerce Department said new orders for U.S. manufactured durable goods increased by less than expected in March.
Crude oil prices drifted lower on Monday amid continues worries about the outlook for energy demand due to rising coronavirus cases in India. West Texas Intermediate Crude oil futures for June ended lower by $0.23 or 0.4 percent at $61.91 a barrel.
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