The Singapore stock market bounced higher again on Tuesday, one session after snapping the three-day winning streak in which it had gathered almost 30 points or 1 percent. The Straits Times Index now sits just beneath the 3,000-point plateau and it may add to its winnings on Wednesday.
The global forecast for the Asian markets is upbeat on hopes for improved coronavirus vaccine rollout and additional stimulus. The European markets were down and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.
The STI finished slightly higher on Tuesday following mixed performances from the financial shares, property stocks and industrial issues.
For the day, the index rose 5.52 points or 0.18 percent to finish at 2,995.92 after trading between 2,990.93 and 3,007.99. Volume was 2.93 billion shares worth 1.40 billion Singapore dollars. There were 287 gainers and 195 decliners.
Among the actives, Wilmar International plummeted 1.68 percent, while Hongkong Land surged 1.54 percent, Singapore Exchange soared 1.42 percent, Ascendas REIT spiked 1.32 percent, Singapore Technologies Engineering tanked 1.29 percent, Singapore Airlines accelerated 1.17 percent, Genting Singapore tumbled 1.14 percent, SembCorp Industries skidded 1.09 percent, Mapletree Commercial Trust rallied 0.90 percent, CapitaLand Integrated Commercial Trust jumped 0.86 percent, Singapore Press Holdings sank 0.82 percent, DBS Group collected 0.68 percent, City Developments climbed 0.65 percent, Oversea-Chinese Banking Corporation advanced 0.57 percent, Mapletree Logistics Trust added 0.50 percent, United Overseas Bank shed 0.34 percent, CapitaLand lost 0.29 percent, SATS fell 0.25 percent, Keppel Corp rose 0.18 percent and Dairy Farm International, Yangzijiang Shipbuilding, Thai Beverage, SingTel, CapitaLand Commercial Trust and Comfort DelGro were unchanged.
The lead from Wall Street is positive as stocks opened higher on Tuesday and remained in the green throughout the session, butting into last week's losses.
The Dow added 116.26 points or 0.38 percent to finish at 30,930.52, while the NASDAQ spiked 198.68 points or 1.53 percent to end at 13,197.18 and the S&P 500 gained 30.66 points or 0.81 percent to close at 3,798.91.
The markets benefited from continued optimism about additional stimulus as well as a faster rollout of coronavirus vaccines under incoming President Joe Biden, who is set to take office later today.
Traders kept an eye on remarks from Treasury Secretary nominee Janet Yellen, who called for additional stimulus to address the impact of the ongoing coronavirus pandemic, arguing the government needs to act big.
In corporate news, a drop by shares of Goldman Sachs (GS) limited the upside for the Dow after the financial giant slumped by 2.3 percent despite reporting better than expected Q4 results. Bank of America (BAC) also sank after reporting better than expected Q4 earnings but missed on revenue.
Crude oil prices rose Tuesday, riding the dollar's weakness and expectations of more economic stimulus in the U.S. West Texas Intermediate Crude oil futures for February ended up $0.62 or 1.2 percent at $52.98 a barrel.
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