The Singapore stock market has shown a positive trend for three consecutive sessions, gaining over 40 points or an increase of 1.1%. Currently, the Straits Times Index is positioned slightly above the 3,750 mark, with expectations of further gains on Tuesday. The global outlook for Asian markets suggests a slight upward movement, buoyed by the strength of technology stocks. European markets saw an upward trend, while the U.S. markets had mixed results, suggesting Asian markets might experience a balanced outcome.
On Monday, the STI recorded moderate gains driven by the performance of financial, property, and industrial stocks. It climbed 12.06 points or 0.32% to close at 3,751.35, oscillating within the range of 3,746.11 to 3,771.70. Notable performances included CapitaLand Integrated Commercial Trust, which rose by 0.51%, and CapitaLand Investment, up by 0.73%. Other gainers included City Developments and UOL Group, both increasing by 0.19%; Comfort DelGro added 0.68%; and DBS Group edged up by 0.28%. Emperador saw a jump of 1.20%, while Genting Singapore surged by 1.96%. Keppel DC REIT increased by 0.45%, Keppel Ltd by 0.15%, Mapletree Industrial Trust by 0.43%, and Mapletree Logistics Trust by 1.56%. Meanwhile, Oversea-Chinese Banking Corporation fell by 0.49%, and SATS slipped by 0.27%. Seatrium Limited advanced by 1.04%, SembCorp Industries gained 1.15%, Singapore Technologies Engineering moved up by 0.67%, SingTel rose by 0.97%, Thai Beverage soared by 1.77%, Wilmar International increased by 0.65%, Yangzijiang Financial gained 1.25%, and Yangzijiang Shipbuilding improved by 0.83%. Hongkong Land and Mapletree Pan Asia Commercial Trust remained unchanged.
Wall Street provided a cautiously optimistic lead, with major indices opening and closing with mixed results. The Dow Jones Industrial Average declined by 128.65 points or 0.29% to settle at 44,782.00. Conversely, the NASDAQ climbed by 185.78 points or 0.97% to reach a record high of 19,403.95, and the S&P 500 increased by 14.77 points or 0.24% to close at 6,047.15.
Traders exhibited caution due to a series of significant economic data expected later in the week, which includes reports on private and non-farm payroll employment, service sector activity, and consumer sentiment analysis.
In U.S. economic developments, the Commerce Department reported a greater-than-anticipated rise in construction spending for October. Additionally, the Institute for Supply Management noted an improvement in U.S. manufacturing activity during November, although the sector continued to show a contraction.
Oil prices saw a slight uptick on Monday, amid concerns of potential supply disruptions due to escalating geopolitical tensions. However, gains were restrained as investors anticipated the outcome of Thursday's OPEC meeting. West Texas Intermediate crude oil futures for January rose by $0.10 or 0.15%, closing at $68.10 a barrel.
