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Higher Open Expected For Singapore Shares

The Singapore stock market on Monday wrote a finish to the two-day slide in which it had given away more than 15 points or 0.5 percent. The Straits Times Index now rests just above the 3,260-point plateau and it may find additional support on Tuesday.

The global forecast for the Asian markets is upbeat thanks to solid economic data, although a decline in crude oil prices may cap the upside. The European and U.S. markets were up and the Asian markets are expected to follow that lead.

The STI finished sharply higher on Monday following gains from the financials, properties and industrials.

For the day, the index surged 42.19 points or 1.31 percent to finish at 3,262.10 after trading between 3,231.23 and 3,264.89. Volume was 1.3 billion shares worth 906 million Singapore dollars. There were 259 gainers and 139 decliners.

Among the actives, Hutchison Port Holdings surged 3.49 percent, while United Overseas Bank soared 2.13 percent, DBS Group spiked 2.02 percent, CapitaLand Mall Trust advanced 2.00 percent, CapitaLand climbed 1.68 percent, Genting Singapore jumped 1.28 percent, Wilmar International gathered 1.26 percent, SembCorp perked 1.01 percent, Oversea-Chinese Banking Corporation collected 0.90 percent, SingTel added 0.54 percent and ComfortDelGro, Golden Agri-Resources and Thai Beverage all were unchanged.

The lead from Wall Street is positive as stocks moved higher on Monday, adding to recent gains and setting fresh record closing highs.

The Dow added 152.51 points or 0.68 percent to 22,557.60, while the NASDAQ rose 20.76 points or 0.32 percent to 6,516.72 and the S&P climbed 9.76 points or 0.39 percent to 2,529.12.

In economic news, the Institute for Supply Management saw an unexpected acceleration in growth in manufacturing activity in September. Also, the Commerce Department said construction spending in the U.S. increased by more than expected in August.

Crude oil futures tumbled Monday as the U.S. dollar continued to strengthen. Also, a report said OPEC compliance with its supply quota plan has dropped to 86 percent. WTI light sweet crude oil was down $1.24 to $50.43 a barrel.

by RTT Staff Writer

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