Singapore Stock Market May Pick Up Additional Support

(RTTNews) - The Singapore stock market has ticked higher in consecutive trading days, gathering almost a dozen points or 0.5 percent along the way. The Straits Times Index now rests just beneath the 2,540-point plateau and it may continue its winning streak on Tuesday.

The global forecast for the Asian markets is upbeat on rising oil prices and continued optimism for a coronavirus treatment. The European and U.S. markets were up and now the Asian bourses figure to open in similar fashion.

The STI finished modestly higher on Monday following gains from the properties and industrials, while the financials came in mixed.

For the day, the index added 10.07 points or 0.40 percent to finish at 2,537.56 after trading between 2,526.51 and 2,544.21. Volume was 2.38 billion shares worth 1.1 billion Singapore dollars. There were 251gainers and 191 decliners.

Among the actives, SATS surged 5.48 percent, Dairy Farm International Holdings soared 3.13 percent, Thai Beverage tumbled 2.42 percent, SembCorp Industries spiked 2.21 percent, Comfort DelGro accelerated 2.16 percent, Mapletree Commercial Trust rallied 2.11 percent, CapitaLand Commercial Trust jumped 1.89 percent, CapitaLand Mall Trust climbed 1.62 percent, Singapore Technologies Engineering gathered 1.17percent, Singapore Airlines perked 1.10 percent, SingTel advanced 0.88 percent, CapitaLand tumbled 0.72 percent, Oversea-Chinese Banking Corporation skidded 0.69 percent, Wilmar International retreated 0.67 percent, Mapletree Logistics Trust added 0.48 percent, City Developments gained 0.38 percent, United Overseas Bank and Singapore Exchange both dropped 0.35 percent, Ascendas REIT shed 0.29 percent, DBS Group collected 0.29 percent, Keppel Corp fell 0.22 percent and Yangzijiang Shipbuilding, Genting Singapore, Venture Corporation and Singapore Press holdings were unchanged.

The lead from Wall Street is broadly positive as stocks opened higher on Monday and remained firmly in the green throughout the session, sending the NASDAQ and the S&P 500 to fresh record closing highs.

The Dow jumped 378.13 points or 1.35 percent to finish at 28,308.46, while the NASDAQ advanced 67.92 points or 0.60 percent to end at 11,379.72 and the S&P 500 advanced 34.12 points or 1.00 percent to close at 3,431.28.

The strength on Wall Street came following upbeat news on the coronavirus front after the Food and Drug issued an emergency authorization for investigational convalescent plasma for the treatment of COVID-19 in hospitalized patients.

Adding to the positive sentiment, a report from the Financial Times said the Trump administration is considering fast-tracking an experimental coronavirus vaccine from the U.K. for use in America ahead of the presidential election.

Oil prices jumped on Monday as the threat of hurricanes in the Caribbean and the Gulf of Mexico brought oil production to a halt. West Texas Intermediate (WTI) crude futures were up 31 cents or 0.72 percent at $42.58 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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