On Tuesday, the Singapore stock market recovered from a two-day drop, gaining almost 15 points or 0.5 percent. The Straits Times Index is now hovering slightly below the 3,175-point mark and is poised to experience further growth on Wednesday.
Positive global predictions suggest that Asian markets are set to rise ahead of the Federal Reserve's imminent monetary policy announcement. This optimism reflects recent market performance in Europe and the U.S.
In Singapore, Tuesday's closing revealed a modest increase in the STI amidst varying results across financial shares, property stocks, and industrial concerns. Specifically, the index rose by 1.62 points or 0.05 percent, closing at 3,173.55 after fluctuating between 3,165.44 and 3,179.49.
Active players on Tuesday included CapitaLand Integrated Commercial Trust and CapitaLand Investment, both experiencing slight drops of 0.52 and 0.37 percent respectively, whilst DBS Group grew by 0.23 percent. Emperador jumped by 1.15 percent whilst City Developments, Genting Singapore, Hongkong Land and Keppel DC REIT all saw minor declines. Among others, Oversea-Chinese Banking Corporation experienced a small 0.07 percent increase.
However, Tuesday was not a day for growth for all. SATS fell by 1.98 percent and Seatrium Limited plunged by 2.47 percent. Conversely, SingTel rallied by 0.80 percent while Yangzijiang Shipbuilding experienced a striking 7.02 percent rise.
The Wall Street green light brought positive news on Tuesday. Major averages initially opened mixed but trended upward throughout the day to finish in the green. The Dow saw an uplift of 320.33 points or 0.83 percent, closing at 39,110.76, whilst the NASDAQ and the S&P 500 ended on 16,166.79 and 5,178.51 respectively.
Market optimism on Wall Street was partly fueled by tech firm Nvidia as it unveiled a new line of AI chips. Meanwhile, traders are eagerly anticipating the Federal Reserve's upcoming monetary policy announcement despite forecasts of unchanged interest rates.
Domestically, the U.S. Commerce Department highlighted significant growth in new residential construction throughout February, accompanied by a rise in building permits. Oil also saw growth, with West Texas Intermediate Crude oil futures for April rising $0.75 to close at $83.47 a barrel.
