Win Streak May Continue For Singapore Stock Market

(RTTNews) - The Singapore stock market has inched higher in consecutive trading days, collecting almost 6 points or 0.2 percent along the way. The Straits Times Index now sits just above the 3,065-point plateau and it's expected to extend its gains on Wednesday.

The global forecast for the Asian markets is cautiously optimistic ahead of the Federal Reserve's monetary policy announcement later today. 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 as gains from the properties and trusts were capped by weakness from the industrials and a mixed picture from the financial sector.

For the day, the index perked 3.45 points or 0.11 percent to finish at 3,067.74 after trading between 3,053.12 and 3,086.39

Among the actives, Ascendas REIT gained 0.78 percent, while CapitaLand Integrated Commercial Trust slumped 1.12 percent, CapitaLand Investment rallied 1.03 percent, City Developments spiked 1.12 percent, DBS Group sank 0.30 percent, Emperador jumped 0.99 percent, Genting Singapore dropped 0.58 percent, Hongkong Land climbed 0.96 percent, Keppel Corp and Oversea-Chinese Banking Corporation both eased 0.16 percent, Mapletree Pan Asia Commercial Trust surged 2.31 percent, Mapletree Industrial Trust improved 0.47 percent, Mapletree Logistics Trust perked 0.18 percent, SATS added 0.82 percent, Seatrium Limited advanced 0.90 percent, SembCorp Industries skidded 0.65 percent, Singapore Technologies Engineering increased 0.27 percent, Wilmar International rose 0.56 percent, Yangzijiang Financial retreated 1.54 percent and Yangzijiang Shipbuilding, Comfort DelGro, SingTel and Thai Beverage were unchanged.

The lead from Wall Street is positive as the major averages shook off early weakness on Tuesday, moving into positive territory by midday and ending firmly in the green.

The Dow advanced 123.91 points or 0.38 percent to finish at 33,052.87, while the NASDAQ added 61.76 points or 0.48 percent to close at 12,851.24 and the S&P 500 gained 26.98 points or 0.65 percent to end at 4,193.80.

The early weakness on Wall Street reflected a negative reaction to a Labor Department report showing that employment costs jumped slightly more than expected in the third quarter.

Selling pressure waned shortly after the start of trading, however, as traders seemed reluctant to make significant moves ahead of the Federal Reserve's monetary policy announcement later today.

The subsequent rebound by stocks came as traders resumed Monday's bargain hunting, as stocks remain at relatively reduced levels despite the rally seen in the previous session.

Oil prices dropped on Tuesday, and posted a monthly loss as well, as concerns about the outlook for energy demand and a stronger dollar weighed on the commodity. West Texas Intermediate crude oil futures for December fell $1.29 or 1.6 percent at 81.02 a barrel, the lowest settlement in two months. WTI crude futures shed nearly 11 percent in October.