Singapore stock market could extend Tuesday’s gains

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(RTTNews) – The Singapore stock market ended a two-day losing streak on Tuesday in which it fell nearly 45 points or 1.3%. The Straits Times Index is now just above the 3,305 plateau and is expected to open again in the green on Wednesday.

The global forecast for Asian markets is upbeat thanks to continued optimism for earnings. European markets were down and US stocks were up and now tech stocks are expected to lead Asian markets higher.

The STI ended slightly higher on Tuesday following the missed performance of financials, real estate and industrials.

For the day, the index gained 4.06 points or 0.12% to end at 3,307.13 after trading between 3,307.13 and 3,344.66. The volume was 2 billion shares worth S$1.2 billion. There were 244 rejections and 211 winners.

Among assets, Ascendas REIT fell 0.35%, while CapitaLand Investment fell 0.75%, City Developments jumped 0.73%, Comfort DelGro improved 0.67%, Dairy Farm International rose 0.36%, Fraser Logistics lost 0.69%, Hongkong Land climbed 0.84%, Keppel Corp jumped 0.76%, Mapletree Commercial Trust lost 0.53%, Mapletree Industrial Trust fell 0.37%, Oversea-Chinese Banking Corporation fell 0.50%, SATS fell 0.23%, SembCorp Industries jumped 3.82%, Singapore Airlines rose 0.74% , Singapore Exchange rose 0.61%. , Singapore Technologies Engineering and United Overseas Bank both gained 0.50%, Thai Beverage climbed 0.71%, Yangzijiang Shipbuilding fell 1.84% and Wilmar International, Mapletree Logistics Trust, Genting Singapore, DBS Group, CapitaLand Integrated Commercial Trust, SingTel and UOL Group remained unchanged.

Wall Street’s advance is broadly positive as major averages opened higher on Tuesday and gained momentum as the day progressed, ending sharply higher.

The Dow Jones jumped 499.51 points or 1.45% to end at 34,911.20, while the NASDAQ jumped 287.30 points or 2.15% to end at 13,619.66 and the S&P 500 jumped 70.52 points or 1.61% to close at 4,462.21.

The rally on Wall Street reflected largely upbeat earnings news from companies like Hasbro (HAS) and Johnson & Johnson (JNJ), although insurance giant Travelers (TRV) fell sharply despite better-than-expected earnings .

In US economic news, the Commerce Department said new home construction saw modest growth in March, while building permits also unexpectedly rebounded.

Crude oil prices fell sharply on Tuesday on worries about the outlook for energy demand following a downgrade in global growth forecasts by the International Monetary Fund. West Texas Intermediate crude oil futures for May ended down $5.65 or 5.2% at $102.56 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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