The Singapore stock market picked up just a handful of points on Tuesday - but that was enough to snap the three-day slide in which it had fallen almost 10 points or 0.3 percent. The Straits Times Index settled just above the 2,955-point plateau, and the market may extend its gains again on Wednesday.
The global forecast for the Asian markets is positive, thanks to continued support from the price of crude oil and ahead of the FOMC rate decision later today. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The STI finished slightly higher on Tuesday as gains from the financials and plantations were offset by weakness from the properties and telecoms.
For the day, the index added 3.04 points or 0.10 percent to finish at 2,955.23 after trading between 2,939.56 and 2,956.98. Volume was 2.3 billion shares worth 1.1 billion Singapore dollars. There were 235 decliners and 190 gainers.
Among the actives, Genting Singapore spiked 2.09 percent, while Yangzijiang Shipbuilding skidded 1.72 percent, StarHub perked 1.71 percent, Thai Beverage dropped 1.18 percent, Hutchison Port Holdings advanced 1.16 percent, SingTel fell 1.05 percent, CapitaLand Mall Trust shed 0.77 percent, Oversea-Chinese Banking Corporation collected 0.66 percent, DBS Group picked up 0.74 percent and Global Logistic Properties lost 0.45 percent.
The lead from Wall Street is firm as stocks moved higher on Tuesday, extending the recent upward trend as all three major averages again hit new record closing highs.
The Dow climbed 114.50 points or 0.6 percent to 19,910.93, while the NASDAQ was up 51.29 points or 1 percent to 5,463.83 and the S&P added 14.74 points or 0.7 percent to 2,271.70.
Traders were looking ahead to the Federal Reserve's monetary policy decision later today; the Fed is widely expected to increase interest rates by 25 basis points.
The accompanying statement will be in focus, as traders gauge the outlook for further monetary policy normalization by the central bank.
Crude oil futures rose Tuesday as Jan. WTI oil gained 15 cents or 0.3 percent to $52.98/bbl, its highest level since July 2015.Saudi Arabia and Russia are committing to supply cuts to balance the oil market and stabilize prices above $50.
by RTTNews Staff Writer
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