The Singapore stock market turned higher again on Monday, one session after it had ended the four-day winning streak in which it had advanced almost 45 points or 1.3 percent. The Straits Times Index now rests just beneath the 3,265-point plateau and the market may move higher again on Tuesday.
The global forecast for the Asian markets is firm, mostly on the heels of a spike in crude oil prices. The European and U.S. markets were up and the Asian bourses figure to follow suit.
The STI finished modestly higher on Monday following gains from the industrials, financials and plantations.
For the day, the index gained 8.92 points or 0.27 percent to finish at 3,264.21 after trading between 3,255.20 and 3,275.39. Volume was 2.78 billion shares worth 1.4 billion Singapore dollars. There were 271 decliners and 202 gainers.
Among the actives, Genting Singapore surged 6.48 percent, while Yangzijiang Shipbuilding soared 3.64 percent, Wilmar International climbed 1.60 percent, Global Logistic Properties jumped 1.04 percent, SingTel added 0.81 percent, Oversea-Chinese Banking Corporation collected 0.667 percent, Thai Beverage lost 0.56 percent, DBS Group gained 0.44 percent and United Overseas Bank was up 0.30 percent.
The lead from Wall Street is positive as stocks moved higher on Monday, with the NASDAQ and the S&P 500 again hitting new record closing highs.
The Dow rose 85.33 points or 0.4 percent to 20,981.94, while the NASDAQ was up 28.44 points or 0.5 percent to 6,149.67 and the S&P added 11.42 points or 0.5 percent to 2,402.32.
A jump in crude oil prices generated buying interest, with crude for June delivery surging $1.01 to $48.85 a barrel. The spike came after the Saudi Arabian and Russian energy ministers extended an oil output freeze to next March.
In economic news, the National Association of Home Builders said homebuilder confidence unexpectedly improved in May. Also, the New York Federal Reserve noted a contraction in regional manufacturing activity in May.
For comments and feedback: editorial@rttnews.com