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Singapore Shares May Be Stuck In Neutral On Tuesday

The Singapore stock market bounced higher again on Monday, one session after it had ended the six-day winning streak in which it had surged more than 120 points or 3.5 percent. The Straits Times Index now rests just above the 3,510-point plateau although it may spin its wheels on Tuesday.

The global forecast for the Asian markets is mixed as many of the regional bourses are overbought and overdue for profit taking although the oil and technology stocks are expected to provide continued support. The European and U.S. markets were mixed but little changed and the Asian markets figure to follow that lead.

The STI finished modestly higher on Monday following gains from the financials, plantations and properties.

For the day, the index picked up 22.73 points or 0.65 percent to finish at 3,512.18 after trading between 3,494.54 and 3,514.76. Volume was 1.9 billion shares worth 944 million Singapore dollars. There were 258 gainers and 161 decliners.

Among the actives, CapitaLand surged 1.92 percent, while United Overseas Bank spiked 1.26 percent, Hutchison Port Holdings jumped 1.20 percent, SingTel climbed 0.83 percent, Wilmar International advanced 0.62 percent, Thai Beverage added 0.55 percent, Comfort DelGro and DBS Group both collected 0.49 percent, Keppel Corp gained 0.39 percent, Oversea-Chinese Banking Corporation picked up 0.31 percent and Yangzijiang Shipbuilding, CapitaLand Mall Trust and Golden Agri-Resources all were unchanged.

The lead from Wall Street is inconclusive as stocks turned in a lackluster performance on Monday, lingering near the unchanged line before closing mixed.

The Dow shed 12.87 points or 0.05 percent to 25,283.00, while the NASDAQ climbed 20.83 points or 0.29 percent to 7,157.39 and the S&P 500 rose 4.56 points or 0.17 percent to 2,747.71.

The choppy trading came as traders expressed uncertainty about the near-term outlook for the markets after the recent run to record highs. A lack of economic data also kept traders on the sidelines, while earnings season is also about to begin.

Oil service stocks showed a significant move to the upside, driving the Philadelphia Oil Service Index up by 1.9 percent. The strength came amid an increase by the price of crude oil, with crude for February delivery rising $0.29 to $61.73 a barrel.

by RTTNews Staff Writer

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