On Tuesday, the Singapore stock market rebounded strongly, recovering from Monday's dip, which concluded a prior three-day winning momentum where the market amassed over 30 points or 0.8 percent gains. The Straits Times Index (STI) is now positioned just shy of the 3,760 mark, and could potentially see further bolstering on Wednesday.
Globally, forecasts for Asian markets present a mixed yet upward trend, with anticipated buoyancy from the oil and technology sectors. While European markets saw declines, U.S. stock exchanges mostly experienced gains, suggesting that Asian markets might likely follow the American lead.
The STI concluded the session slightly up on Tuesday, as gains in industrial, property, and financial sectors were somewhat offset by a downturn in Real Estate Investment Trusts (REITs).
For the day, the STI advanced by 25.42 points or 0.68 percent, closing at 3,757.97, within the trading range of 3,738.42 to 3,766.93.
Key performers included CapitaLand Integrated Commercial Trust, which dipped 0.51 percent, while CapitaLand Investment rose 0.72 percent. City Developments grew by 0.78 percent, DBS Group increased by 0.40 percent, whereas Emperador plummeted 1.19 percent. Genting Singapore declined by 0.65 percent, Hongkong Land ascended 1.53 percent and Keppel Ltd rose sharply by 2.13 percent. Mapletree Pan Asia Commercial Trust dropped 0.81 percent, Mapletree Industrial Trust fell 0.87 percent, and Mapletree Logistics Trust decreased 0.79 percent. Oversea-Chinese Banking Corporation enjoyed a slight rise of 0.24 percent, SATS soared 2.94 percent, Seatrium Limited surged 3.80 percent; SembCorp Industries strengthened by 2.77 percent, Singapore Technologies Engineering rallied to a 2.92 percent gain, SingTel bolstered 2.87 percent, Yangzijiang Financial advanced 1.24 percent and Yangzijiang Shipbuilding skyrocketed 3.57 percent. Thai Beverage, Wilmar International, Keppel DC REIT, and Comfort DelGro remained steady.
On Wall Street, the sentiment leaned cautiously optimistic as major indices initially opened lower but saw a recovery with NASDAQ and S&P 500 finishing in the positive territory.
The Dow Jones Industrial Average fell by 120.66 points or 0.28 percent, closing at 43,268.94, whereas the NASDAQ surged with a gain of 195.66 points or 1.04 percent, ending at 18,987.47, and the S&P 500 rose by 23.36 points or 0.40 percent to settle at 5,916.98.
The early dip on Wall Street was attributed to escalating tensions between the U.S. and Russia concerning the Ukraine conflict. After U.S. President Joe Biden authorized Ukraine to use American long-range missiles against Russian territory, Russian President Vladimir Putin amended the country’s nuclear doctrine.
However, selling pressure eased soon after the market opened, with Nvidia's share performance contributing to the NASDAQ's reversal, as investors anticipate Nvidia’s upcoming Q3 results release later today.
Oil futures experienced a rise on Tuesday, driven by the increased risk of supply disruptions following Ukraine's missile strike on a facility in Russia's Bryansk region. West Texas Intermediate Crude oil futures for December delivery increased by $0.23 or approximately 0.3 percent, closing at $69.39 per barrel.
