Singapore Stock Market Tipped To Extend Winning Streak

(RTTNews) - The Singapore stock market has finished higher in three straight sessions, collecting more than 15 points or 0.5 percent in that span. The Straits Times Index now sits just above the 3,195-point plateau and it may see continued support on Tuesday.

The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The STI finished modestly higher on Monday following gains from the property stocks, while the financials and industrials were mixed.

For the day, the index rose 9.10 points or 0.29 percent to finish at 3,196.07 after trading between 3,186.04 and 3,206.59.

Among the actives, Ascendas REIT and Wilmar International both improved 0.76 percent, while CapitaLand Integrated Commercial Trust rose 0.51 percent, CapitaLand Investment dropped 0.90 percent, City Developments gained 0.58 percent, Comfort DelGro surged 1.94 percent, DBS Group rallied 1.10 percent, Hongkong Land spiked 1.44 percent, Mapletree Pan Asia Commercial Trust jumped 1.24 percent, Mapletree Industrial Trust strengthened 0.92 percent, Mapletree Logistics Trust added 0.61 percent, Oversea-Chinese Banking Corporation dipped 0.08 percent, SATS perked 0.40 percent, SembCorp Industries lost 0.18 percent, SingTel gathered 0.41 percent, Thai Beverage tumbled 1.74 percent, United Overseas Bank sank 0.21 percent, Yangzijiang Financial soared 1.49 percent, Yangzijiang Shipbuilding advanced 0.79 percent and Emperador, Genting Singapore, Keppel Corp, Singapore Technologies Engineering, DFI Retail Group and Keppel DC REIT were unchanged.

The lead from Wall Street is upbeat as the major averages opened in the green on Monday and accelerated as the day progressed, ending near session highs.

The Dow climbed 189.55 points or 0.56 percent to finish at 34,066.33, while the NASDAQ rallied 202.78 points or 1.53 percent to end at 13,461.92 and the S&P 500 gained 40.07 points or 0.93 percent to close at 4,338.93.

The strength on Wall Street comes as traders look ahead to the Federal Reserve's highly anticipated monetary policy announcement on Wednesday.

The Fed is widely expected to pause its recent interest rate increases but is also likely to reiterate its commitment to bringing inflation down to its 2 percent target.

The Fed's accompanying statement is likely to have a significant impact on the outlook for rates along with some closely watched inflation data due to be released in the coming days.

Oil prices fell sharply Monday on concerns about the outlook for energy demand following a downward revision in the crude oil price forecast by Goldman Sachs. West Texas Intermediate Crude oil futures for July tumbled $3.05 or 4.4 percent at $67.12 a barrel, a three-month low.