Win Streak May Continue For Singapore Stock Market

(RTTNews) - The Singapore stock market has moved higher in four straight sessions, collecting almost 50 points or 1.5 percent in that span. The Straits Times Index now rests just above the 3,310-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets is cautiously optimistic on hopeful signs for the outlook for interest rates. The European markets were mixed and flat and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.

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

For the day, the index gained 9.69 points or 0.29 percent to finish at the daily high of 3,313.35 after trading as low as 3,298.51.

Among the actives, Seatrium skyrocketed 1900 percent, while Singapore Technologies Engineering surged 4.22 percent, Thai Beverage soared 3.06 percent, SembCorp Industries spiked 1.33 percent, Yangzijiang Shipbuilding jumped 1.15 percent, UOL Group slumped 0.88 percent, Hongkong Land climbed 0.88 percent, Oversea-Chinese Banking Corporation collected 0.84 percent, SingTel rallied 0.83 percent, Mapletree Pan Asia Commercial Trust advanced 0.81 percent, SATS added 0.78 percent, CapitaLand Investment gained 0.77 percent, Mapletree Logistics Trust sank 0.73 percent, Comfort DelGro shed 0.69 percent, Wilmar International rose 0.63 percent, Keppel Corp. improved 0.59 percent, Genting Singapore increased 0.54 percent, DFI Retail lost 0.53 percent, City Developments fell 0.50 percent, Mapletree Industrial Trust slid 0.46 percent, CapitaLand Ascendas REIT gathered 0.38 percent, DBS Group perked 0.25 percent and CapitaLand Integrated Commercial Trust, Emperador and Keppel DC REIT were unchanged.

The lead from Wall Street is positive as the major averages spent most of Tuesday hugging the unchanged line before a late push bumped them firmly into the green.

The Dow climbed 126.60 points or 0.32 percent to finish at 39,558.11, while the NASDAQ rallied 122.94 points or 0.75 percent to close at 16,511.18 and the S&P 500 added 25.26 points or 0.48 percent to end at 5,246.68.

The higher close on Wall Street came as treasury yields moved to the downside after an early advance, with the yield on the benchmark ten-year note falling to its lowest closing level in over a month.

Treasury yields initially moved higher following the release of a Labor Department report showing producer prices in the U.S. increased by more than expected in the month of April.

However, while the report initially generated renewed uncertainty about the outlook for interest rates, some economists pointed to the downward revisions to the March data as a positive sign.

Oil futures settled lower Tuesday as data showing a bigger than expected increase in U.S. producer prices raised concerns that Federal Reserve will keep interest rates higher for a longer period. West Texas Intermediate Crude oil futures for June sank $1.10 or about 1.4 percent at $78.02 a barrel.