Singapore Stock Market Predicted To Open In The Green

(RTTNews) – The Singapore stock market has moved higher in two of three trading days since the end of the two-day slide in which it had stumbled almost 40 points or 1.6 percent. The Straits Times Index now rests just beneath the 2,540-point plateau and it may extend its gains on Wednesday.

The global forecast for the Asian markets is upbeat, with technology and oil stocks expected to lead the way. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The STI finished slightly higher on Tuesday following gains from the financial shares and property stocks.

For the day, the index collected 6.04 points or 0.24 percent to finish at 2,538.55 after trading between 2,508.68 and 2,544.00. Volume was 1.80 billion shares worth 903.25 million Singapore dollars. There were 215 decliners and 214 gainers.

Among the actives, Mapletree Commercial Trust surged 3.13 percent, while Singapore Press Holdings plummeted 2.75 percent, SATS plunged 1.67 percent, Yangzijiang Shipbuilding soared 1.64 percent, CapitaLand Mall Trust spiked 1.53 percent, Mapletree Logistics Trust accelerated 1.45 percent, Genting Singapore tanked 1.43 percent, CapitaLand Commercial Trust rallied 1.19 percent, Wilmar International jumped 1.15 percent, Singapore Exchange climbed 1.05 percent, Singapore Technologies Engineering advanced 0.88 percent, Thai Beverage dropped 0.81 percent, City Developments added 0.75 percent, CapitaLand gained 0.72 percent, Dairy Farm International sank 0.72 percent, Comfort DelGro shed 0.68 percent, Keppel Corp lost 0.66 percent, Ascendas REIT rose 0.60 percent, SembCorp Industries fell 0.53 percent, United Overseas Bank collected0.26 percent, Oversea-Chinese Banking Corporation was up 0.12 percent and DBS Group, SingTel and Singapore Airlines were unchanged.

The lead from Wall Street is positive as stocks moved mostly higher on Tuesday, sending the NASDAQ and S&P 500 to fresh record closing highs.

The Dow jumped 215.61 points or 0.76 percent to finish at 28,645.66m while the NASDAQ soared 164.21 points or 1.39 percent to end at 11,939.67 and the S&P 500 gained 26.34 points or 0.75 percent to close at 3,526.65.

Technology stocks saw continued strength, with Apple (AAPL) leading the sector higher after Monday’s stock split. Shares of Zoom Video (ZM) also spiked after the video conferencing company reported better than expected Q2 results and raised its full-year guidance.

In economic news, the Institute for Supply Management said manufacturing activity in the U.S. expanded at a faster rate in August. Also, the Commerce Department reported that construction spending inched up less than expected in July.

Crude oil futures settled modestly higher Tuesday ahead of weekly inventory data, giving back early gains as traders weighed demand and supply levels in the energy market. West Texas Intermediate Crude oil futures for October gained $0.15 or 0.4 percent to settle at $42.76 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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