The stock market in Singapore was back on the upside on Monday after one session, as it halted the modest 2-day winning streak where it had earned 1.6 percent or over 40 points all the way through. The Straits Times Index (STI) finished just above the plateau of 2,710 points, and now several analysts are coming out with a prediction that the stock market will possibly extend those earnings at the trade opening this Tuesday.
The worldwide forecast, particularly for Asian markets, remains broadly positive, which was added by the continued support coming from commodities because of the continued easing up of the greenback. While the news of more positive earnings seemed to offer some optimism, they were also tipped that property stocks as well as steel producers are going to move higher. On Monday, the European and the US markets sharply finished higher, and it was expected that the Asian bourses opened in a similar way.
The STI was able to finish slightly higher yesterday, as gains between the telecoms and property stocks were offset by the weakness of the airlines. Largely, the financials had ended unchanged.
The index, for the day, has earned 0.13 percent or 3.58 points, finishing at 2,711.70. Volume has recorded a share of 1.69 billion, which was worth S$1.13 billion. There were 196 decliners and 251 gainers, with 823 stocks.
Among the active traders, an additional 2.3 percent was earned by Singapore Telecommunication and 0.23 percent was gained by United Overseas Bank. The City Developments, CapitaLand, and Keppel Land also finished higher. Overseas Chinese Banking Corp and DBS Group were unchanged, while Keppel Corp and Singapore Airlines ended lower.
A firm lead was offered by the Wall Street as stocks, on Monday, had increased by notable margins, with traders continuing to buy into the markets, which was based on the recent economic optimism. The key averages all closed on Monday on the upside, reaching the year’s best levels of closing.