The Singapore stock market bounced higher again on Tuesday, one day after snapping the three-day winning streak in which it had jumped more than 100 points or 3.3 percent. The Straits Times Index now sits just above the 3,235-point plateau and it may add to its winnings on Wednesday.
The global forecast for the Asian markets is upbeat on bargain hunting, particularly among the recently battered technology stocks. 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 as gains from the financial shares were offset by weakness from the properties and industrials
For the day, the index added 4.01 points or 0.12 percent to finish at 3,236.04 after trading between 3,227.88 and 3,265.90. Volume was 1.67 billion shares worth 1.54 billion Singapore dollars. There were 326 decliners and 179 gainers.
Among the actives, Ascendas REIT dropped 0.71 percent, while CapitaLand Integrated Commercial Trust lost 0.47 percent, City Developments tumbled 2.60 percent, Comfort DelGro and UOL Group both sank 0.73 percent, Dairy Farm International surrendered 2.50 percent, DBS Group spiked 2.20 percent, Genting Singapore slumped 1.32 percent, Hongkong Land plummeted 4.16 percent, Keppel Corp slid 0.33 percent, Mapletree Commercial Trust stumbled 1.09 percent, Mapletree Logistics Trust retreated 1.67 percent, SATS declined 1.79 percent, SembCorp Industries tanked 2.63 percent, Singapore Airlines and Venture Corporation both shed 60 percent, Singapore Exchange fell 0.42 percent, Singapore Technologies Engineering rose 0.25 percent, SingTel skidded 0.78 percent, United Overseas Bank jumped 1.43 percent, Wilmar International added 0.44 percent, Yangzijiang Shipbuilding plunged 3.68 percent and Singapore Press Holdings, Oversea-Chinese Banking Corporation and Thai Beverage were unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and accelerated as the day progressed, finishing near daily highs.
The Dow soared 599.10 points or 1.82 percent to finish at 33,544.34, while the NASDAQ surged 367.40 points or 2.92 percent to end at 12,948.62 and the S&P 500 jumped 89.34 points or 2.14 percent to close at 4,262.45.
The rebound on Wall Street followed Monday's downturn as traders picked up stocks at reduced levels following recent weakness - particularly on the tech-heavy NASDAQ, which had fallen to its lowest closing level in over a year.
Traders also reacted positively to a report from the Labor Department showing producer prices increased slightly less than expected in February, even as the Federal Reserve prepares to announce its first rate hike since 2018 later today.
Crude oil prices fell sharply Tuesday amid fresh concerns over demand from China, where there has been a surge in Covid-19 cases, and on easing worries about supply disruptions. West Texas Intermediate Crude oil futures for April dropped $6.57 or 6.4 percent at $96.44 a barrel, more than 25 percent off a recent high of $130.50 a barrel. WTI crude futures shed 5.8 percent on Monday.
