By RTTNews Staff Writer | Published: 9/9/2024 8:03 PM ET |
The Singapore stock market has alternated between positive and negative finishes through the last four trading days since the end of the four-day winning streak in which it had picked up almost 90 points or 2.8 percent. The Straits Times Index now sits just beneath the 3,500-point plateau and it may see additional support on Tuesday.
The global forecast for the Asian markets is positive on anticipated bargain hunting and on the outlook for interest rates. The European and U.S. markets were solidly higher and the Asian bourses are tipped to open in similar fashion.
The STI finished sharply higher on Monday following gains from the financials, properties and trusts, while the industrials were mixed.
For the day, the index advanced 42.06 points or 1.22 percent to finish at 3,496.53 after trading between 3,441.84 and 3,501.04.
Among the actives, CapitaLand Integrated Commercial Trust retreated 1.40 percent, while CapitaLand Investment strengthened 1.08 percent, City Developments dropped 0.57 percent, Comfort DelGro added 0.69 percent, DBS Group spiked 1.81 percent, Hongkong Land soared 1.91 percent, Keppel DC REIT declined 1.37 percent, Keppel Ltd was up 0.16 percent, Mapletree Industrial Trust improved 0.81 percent, Mapletree Logistics Trust rallied 1.43 percent, Oversea-Chinese Banking Corporation surged 2.53 percent, SATS gained 0.56 percent, Seatrium Limited slumped 1.28 percent, SembCorp Industries climbed 1.03 percent, Singapore Technologies Engineering rose 0.45 percent, SingTel increased 0.32 percent, Wilmar International advanced 0.96 percent, Yangzijiang Financial tumbled 1.43 percent, Yangzijiang Shipbuilding skidded 0.79 percent and Emperador, Genting Singapore, Mapletree Pan Asia Commercial Trust and Thai Beverage were unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Monday and remained well in the green throughout the trading day.
The Dow surged 484.18 points or 1.20 percent to finish at 40,829.59, while the NASDAQ rallied 193.77 points or 1.16 percent to close at 16,884.60 and the S&P 500 climbed 62.63 points or 1.16 percent to end at 5,471.05.
The rally on Wall Street came as traders looked to pick up stocks at reduced levels following the steep drop seen last week, which dragged the NASDAQ down to its lowest levels in nearly a month.
Optimism the Federal Reserve will lower interest rates later this month has also contributed to the strength on Wall Street, despite lingering concerns about the outlook for the U.S. economy.
CME Group's FedWatch Tool is currently indicating a 73 percent chance the Fed will lower rates by 25 basis points and a 29 percent chance of a 50 basis point rate cut.
Oil prices climbed higher Monday on the possibility of weather-related production issues in the the Gulf of Mexico, and on OPEC's decision to delay a production boost originally scheduled to begin in October. West Texas Intermediate Crude oil futures for October ended up by $1.04 or 1.54 percent at $68.71 a barrel. – RTT News