Singapore stock market set to open in the green

(RTTNews) – The Singapore stock market rebounded higher on Tuesday, a session after ending a three-day winning streak in which it had rallied nearly 65 points, or 2 percent. The Straits Times Index is now just below the 3,200-point plateau and is likely to see additional support on Wednesday.

Global forecasts for Asian markets are upbeat, supported by solid earnings expectations and rising crude oil prices. European markets were mixed and US stocks rose, with Asian markets splitting the difference.

The STI ended slightly higher on Tuesday after financials stocks posted gains and financials and industrials showed mixed performance.

For the day, the index gained 25.19 points, or 0.79 percent, to close at 3,199.01 after trading between 3,185.39 and 3,205.64. The volume was 1.83 billion shares valued at 1.25 billion Singapore dollars. There were 286 winners and 216 losers.

Among assets, CapitaLand Integrated Commercial Trust rose 0.95 percent, while City Developments and Singapore Airlines both fell 0.54 percent, Comfort DelGro fell 1.27 percent, Dairy Farm International rose 3.99 percent, DBS Group rose up 2.43 percent, Genting Singapore rose 0.63 percent, Mapletree Logistics Trust fell 0.50 percent, Oversea-Chinese Banking Corporation rose 0.59 percent, SembCorp Industries accelerated 1.03 percent, Singapore Exchange rose 1.05 percent, Singapore Press Holdings rose 0.50 percent, Singapore Technologies Engineering gained 0.52 percent, United Overseas Bank rallied 0.64 percent, Wilmar International rose 0.91 percent, Yangzijiang Shipbuilding fell 0.71 percent Percent and Keppel Corp, Mapletree Commercial Trust, Ascendas REIT, CapitaLand, SingTel, Thai Beverage and SATS were flat.

The lead from Wall Street is broadly positive as the major moving averages opened higher on Tuesday and remained solidly in the green throughout the session.

The Dow rose 198.70 points, or 0.56 percent, to 35,457.31, while the NASDAQ rose 107.28 points, or 0.71 percent, to 15,129.09 and the S&P 500 rose 33.17 points, or 0.74 percent closed at 4,519.63.

Positive earnings reports from insurance giant Travelers Companies Inc. (TRV), Johnson & Johnson (JNJ), Procter & Gamble (PG) and Netflix (NFLX) lifted sentiment.

On the economic front, the Commerce Department noted an unexpected slowdown in US housing construction in September.

Crude oil prices rose Tuesday on rising demand for heating oil and diesel amid a severe energy crisis in China and several parts of Europe. West Texas Intermediate November crude oil futures closed up $0.52, or 0.6 percent, at $82.96 a barrel.

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