The Singapore stock market has tracked higher in consecutive trading, gathering more than 35 points or 1.2 percent along the way. The Straits Times Index now rests just above the 3,200-point plateau and it's looking at a solid lead again for Wednesday's trade.
The global forecast for the Asianmarketsis upbeat on easing concerns over interest rates and an economic slowdown. The European and U.S. markets were sharply higher and the Asian bourses are tipped to open in similar fashion.
The STI finished modestly higher on Tuesday following gains from the industrials and mixed performances from the financials and properties.
For the day, the index added 10.73 points or 0.34 percent to finish at 3,201.89 after trading between 3,190.92 and 3,218.74. Volume was 1.7 billion shares worth 1.4 billion Singapore dollars. There were 296 gainers and 203 decliners.
Among the actives, Ascendas REIT was up 0.37 percent, while CapitaLand Investment strengthened 1.58 percent, City Developments fell 0.24 percent, Comfort DelGro surged 4.26 percent, DBS Group shed 0.61 percent, Genting Singapore added 0.65 percent, Hongkong Land and SembCorp Industries both advanced 1.08 percent, Keppel Corp improved 0.91 percent, Mapletree Commercial Trust soared 2.84 percent, Mapletree Industrial Trust tumbled 0.82 percent, Mapletree Logistics Trust gained 0.62 percent, Oversea-Chinese Banking Corporation perked 0.26 percent, SATS jumped 1.62 percent, Singapore Exchange dipped 0.10 percent, Singapore Technologies Engineering spiked 1.76 percent, SingTel retreated 0.73 percent, Thai Beverage climbed 1.47 percent, United Overseas Bank collected 0.49 percent, Wilmar International slumped 0.48 percent, Yangzijiang Financial plummeted 4.60 percent, Yangzijiang Shipbuilding rose 0.61 percent and CapitaLand Integrated Commercial Trust and Dairy Farm International were unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher and remained that way throughout the session, ending firmly in the green.
The Dow soared 431.17 points or 1.34 percent to finish at 32,654.59, while the NASDAQ spiked 321.52 points or 2.76 percent to end at 11,984.52 and the S&P 500 rallied 80.84 points or 2.02 percent to close at 4,088.85.
The markets rallied on comments from Fed Chair Jerome Powell, who said he is confident that the central bank can raise rates and deal with inflation without sending theeconomyinto recession.
Strong retail sales and industrial production data added to the positive sentiment.
Crude oil prices pared early gains and settled lower Tuesday, reacting to reports that the Biden administration is set to ease some of the sanctions imposed on Venezuela. West Texas Intermediate Crude oil futures for June ended lower by $1.80 or 1.6 percent at $112.40 a barrel.