(RTTNews) – The Singapore stock market on Tuesday ended the two-day losing streak in which it had slipped more than 25 points or 0.6 percent. The Straits Times Index now sits just beneath the 3,900-point plateau and it may extend its gains on Wednesday.
The global forecast for the Asian markets is upbeat on optimism over the outlook for tariffs and the economy. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.
The STI finished barely higher on Tuesday following gains from the industrials, weakness from the financials and a mixed picture from the property sector.
For the day, the index rose 3.79 points or 0.10 percent to finish at 3,894.38 after trading between 3,877.32 and 3,902.50.
Among the actives, CapitaLand Ascendas REIT rose 0.38 percent, while CapitaLand Integrated Commercial Trust sank 0.48 percent, CapitaLand Investment added 0.40 percent, City Developments rallied 1.88 percent, DBS Group eased 0.13 percent, DFI Retail plummeted 2.21 percent, Frasers Centrepoint Trust stumbled 0.91 percent, Frasers Logistics & Commercial Trust skidded 0.63 percent, Hongkong Land slumped 0.76 percent, Keppel DC REIT shed 0.46 percent, Keppel Ltd advanced 0.73 percent, Mapletree Industrial Trust dropped 0.52 percent, Oversea-Chinese Banking Corporation lost 0.43 percent, SATS strengthened 0.98 percent, Seatrium Limited jumped 1.50 percent, SembCorp Industries dipped 0.15 percent, Singapore Technologies Engineering soared 2.56 percent, SingTel climbed 0.79 percent, Thai Beverage plunged 2.13 percent, UOL Group spiked 2.45 percent, Wilmar International fell 0.33 percent, Yangzijiang Financial tanked 1.38 percent, Yangzijiang Shipbuilding surged 4.25 percent and Comfort DelGro, Mapletree Pan Asia Commercial Trust, Mapletree Logistics Trust and Genting Singapore were unchanged.
The lead from Wall Street is positive as the major averages shook off early weakness on Tuesday, climbing steadily higher to end near session highs.
The Dow rallied 214.16 points or 0.51 percent to finish at 42,519.64, while the NASDAQ jumped 156.34 points or 0.81 percent to close at 19,398.96 and the S&P 500 added 34.43 points or 0.58 percent to end at 5,970.37.
The continued strength on Wall Street came following the release of a Labor Department report showing an unexpected increase by job openings in the U.S. in the month of April.
Meanwhile, traders continued to await further developments on the trade front a month ahead of the expiration of President Donald Trump’s 90-day tariff pause.
While tensions between the U.S. and China have seemingly risen in recent days, traders appear to remain generally optimistic about trade deals being reached.
The price of crude oil showed another strong move to the upside during trading on Tuesday amid ongoing concerns about supply due to escalating geopolitical tensions and stuttering U.S.-Iran nuclear talks. West Texas Intermediate crude for July delivery jumped $0.89 or 1.4 percent to $63.41 a barrel.
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