The Singapore stock market has experienced gains for five consecutive sessions, accruing over 90 points or 2.8% during this period. The Straits Times Index (STI) currently sits just below the 3,500-point mark and is expected to see further support on Tuesday. Globally, the outlook for Asian markets is positive, fueled by optimism concerning interest rates. While European markets saw a decline, U.S. markets were on the rise, and Asian markets are likely to follow the upward trend of the latter.
On Monday, the STI edged slightly higher, driven by gains in the property sector and mixed results from financial and industrial shares. The index rose by 2.11 points, or 0.06%, to close at 3,499.89, fluctuating between 3,491.23 and 3,509.20 throughout the day. Performance among active stocks was varied: CapitaLand Integrated Commercial Trust fell by 1.42%, CapitaLand Investment dropped by 1.78%, while both City Developments and UOL Group added 0.18%. DBS Group eased by 0.08%, but Hongkong Land climbed by 1.20%. Keppel DC REIT tumbled 2.01%, and Mapletree Pan Asia Commercial Trust dipped by 0.75%. Conversely, Mapletree Industrial Trust rallied by 1.33%, Oversea-Chinese Banking Corporation gained 0.33%, and SATS surged by 1.52%. Seatrium Limited sank by 0.68%, SembCorp Industries shed 0.63%, Singapore Technologies Engineering lost 0.23%, whereas SingTel surged by 2.03%. Wilmar International slumped by 0.95%, Yangzijiang Financial declined by 1.43%, Yangzijiang Shipbuilding soared by 1.77%, and Comfort DelGro, Emperador, Genting Singapore, Mapletree Logistics Trust, Keppel Ltd, and Thai Beverage remained unchanged.
Wall Street provided a positive lead, with major indices opening higher on Monday and maintaining that momentum to reach fresh closing highs, despite somewhat volatile trading. The Dow rose by 210.82 points, or 0.53%, to close at 40,211.72. The NASDAQ advanced by 74.12 points, or 0.40%, to finish at 18,472.57, and the S&P 500 increased by 15.87 points, or 0.28%, to close at 5,631.22.
The bullish sentiment on Wall Street was largely due to remarks by Fed Chair Jerome Powell, stating that the central bank would not wait for inflation to reach 2% before cutting interest rates.
In economic news, a report from the Federal Reserve Bank of New York indicated that regional manufacturing activity contracted at a slightly faster rate in July.
Crude oil futures decreased on Monday, affected by political uncertainty following an assassination attempt on former President Donald Trump and weak economic data from China. West Texas Intermediate crude oil futures for August declined by $0.30, settling at $81.91 per barrel.
