The Singapore stock market has experienced a positive trend, advancing over the past six consecutive trading sessions, with a total gain of approximately 185 points or 5.1%. The Straits Times Index now hovers just below the 3,740-point threshold and is likely to continue its upward momentum on Tuesday.
The broader outlook for Asian markets is encouraging, primarily propelled by momentum following the U.S. election. Both European and U.S. markets have closed higher, suggesting that Asian markets may follow suit.
On Monday, the Straits Times Index saw moderate gains, driven by increases in trust sector stocks. However, there were weaknesses in the plantation sector and mixed results from the property sector. The index rose by 15.10 points or 0.41%, concluding the day at 3,739.47 after fluctuating between 3,705.53 and 3,760.84.
In terms of active stocks, CapitaLand Investment increased by 1.43%, while DBS Group saw a rise of 0.83%. Emperador, however, fell by 1.18%. Both Genting Singapore and DFI Retail Group declined by 1.27%, and Hongkong Land decreased by 1.51%. Keppel DC REIT showed a strong performance with a 1.85% increase, whereas Keppel Ltd experienced a slight decline of 0.31%. Mapletree Pan Asia Commercial Trust rose by 0.81%, Mapletree Industrial Trust was up 0.88%, and Mapletree Logistics Trust gained 1.56%. Oversea-Chinese Banking Corporation rallied with a 1.62% increase. Meanwhile, SATS dropped by 2.08%, Seatrium Limited slipped by 2.50%, and SembCorp Industries edged up by 0.20%. Singapore Technologies Engineering increased slightly by 0.43%, SingTel declined by 1.54%, Venture Corporation plummeted by 5.49%, Wilmar International fell by 1.59%, Yangzijiang Financial decreased by 1.25%, and Yangzijiang Shipbuilding saw a significant drop of 5.60%. Other major stocks like City Developments, Comfort DelGro, Thai Beverage, CapitaLand Integrated Commercial Trust, and Frasers Centrepoint Trust remained unchanged.
Wall Street's performance offers a cautiously optimistic perspective, with major averages opening higher on Monday and maintaining steady gains throughout the day, culminating in new record closing highs. The Dow gained 304.14 points or 0.69% to close at 44,294.13, the NASDAQ edged up by 11.99 points or 0.06% to 19,298.76, and the S&P 500 increased by 5.81 points or 0.10% to 6,001.35.
Investor sentiment remained buoyant, driven by expectations that policies under President Donald Trump, such as tax cuts and deregulation, could enhance corporate profitability.
On the commodities front, oil futures closed significantly lower on Monday, influenced by a strengthening dollar and demand concerns. West Texas Intermediate Crude oil futures for December delivery fell by $2.34 or 3.6%, settling at $68.04 per barrel.
