The Singapore stock market is poised for further gains on Tuesday, continuing a winning streak that has seen the Straits Times Index (STI) rise over 40 points, or 1.1%, across the last three sessions. The STI closed Monday at 3,751.35, up 0.32% after trading between 3,746.11 and 3,771.70.
Monday's session saw strong performances from financial, property, and industrial stocks. Genting Singapore surged 1.96%, Thai Beverage climbed 1.77%, and Mapletree Logistics Trust spiked 1.56%. Other gainers included Singapore Technologies Engineering (+0.67%), SingTel (+0.97%), and Yangzijiang Financial (+1.25%). Notably, Oversea-Chinese Banking Corporation declined by 0.49%, while SATS slipped 0.27%.
Globally, mild upside is anticipated in Asian markets, supported by gains in technology stocks. While European markets rose, US indices displayed a mixed performance, with the Dow Jones Industrial Average down 0.29%, the Nasdaq Composite hitting a record high with a 0.97% gain, and the S&P 500 advancing 0.24%.
In economic updates, the US reported stronger-than-expected construction spending in October and a manufacturing PMI that, while still contracting, indicated improvement in November. Meanwhile, crude oil prices rose marginally, with January futures for West Texas Intermediate settling at US$68.10 per barrel amidst ongoing geopolitical tensions and anticipation of Thursday's OPEC meeting.
The STI's upward trajectory reflects growing investor optimism, bolstered by increasing demand across multiple sectors and a positive global market outlook. Analysts anticipate the index could test higher resistance levels in upcoming sessions.
RTTNews
