The Singapore stock market has tracked higher in consecutive trading days, climbing more than 55 points or1.6 percent along the way. The Straits Times Index now rests just beneath the 3,485-point plateau although investors may cash in on Wednesday.
The global forecast for the Asian markets suggests little movement amid a lack of catalysts, although oil and technology stocks should limit any downside. The European and U.S. bourses were mixed and flat, and the Asian markets figure to follow suit.
The STI finished modestly higher on Tuesday following gains from the financial shares and the industrial issues.
For the day, the index collected 15.68 points or 0.45 percent to finish at 3,483.16 after trading between 3,472.48 and 3,487.13. Volume was 1.5 billion shares worth 1.1 billion Singapore dollars. There were 206 decliners and 185 gainers.
Among the actives, Hutchison Port Holdings surged 1.79 percent, while Comfort DelGro soared 1.62 percent, Genting Singapore spiked 1.59 percent, Golden Agri-Resources tumbled 1.56 percent, StarHub skidded 1.52 percent, CapitaLand Commercial Trust jumped 1.17 percent, DBS Group climbed 1.11 percent, City Developments advanced 1.06 percent, SembCorp Industries gathered 1.01 percent, Yangzijiang Shipbuilding perked 0.99 percent, Oversea-Chinese Banking Corporation collected 0.86 percent, CapitaLand added 0.57 percent, Ascendas REIT gained 0.37 percent, SingTel was up 0.31 percent, Wilmar International picked up 0.30 percent and Thai Beverage and CapitaLand Mall Trust were unchanged.
The lead from Wall Street offers little clarity as stocks showed a lack of direction on Tuesday, although the tech-heavy NASDAQ reached a fresh record closing high.
The Dow fell 13.71 points or 0.06 percent to 24,799.98, the NASDAQ climbed 31.40 points or 0.41 percent to 7,637.86 and the S&P 500 added 1.93 points or 0.07 percent to 2,748.80.
The lack of direction came as traders expressed uncertainty about the near-term outlook for the markets.
An upcoming G-7 summit in Canada as well as the planned meeting between President Donald Trump and North Korean leader Kim Jong Un next week also kept traders on the sidelines.
In economic news, the Institute for Supply Management said activity in the U.S. service sector grew faster than expected in May.
Crude oil futures rebounded Tuesday amid bargain hunting after steep recent losses. WTI light sweet crude oil was up 74 cents at $65.49 a barrel, after hitting a two-month low.
by RTTNews Staff Writer
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