Singapore Shares May See Additional Support On Wednesday

(RTTNews) - The Singapore stock market bounced higher again on Tuesday, one session after it had ended the four-day winning streak in which it had collected almost 20 points or 0.6 percent. The Straits Times Index now rests just above the 3,330-point plateau and it's tipped to open in the green again on Wednesday.

The global forecast for the Asian markets is upbeat on positive earnings news and support from crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

The STI finished slightly higher on Tuesday following gains from the financials and mixed performances from the plantation stocks and properties.

For the day, the index picked up 6.18 points or 0.19 percent to finish at 3,332.04 after trading between 3,325.84 and 3,335.66. Volume was 1.31 billion shares worth 1.06 billion Singapore dollars. There were 206 decliners and 200 gainers.

Among the actives, Golden Agri-Resources plummeted 3.23 percent, Hutchison plunged 2.08 percent, Thai Beverage surged 1.26 percent, CapitaLand tumbled 1.08 percent, CapitaLand Commercial Trust soared 1.03 percent, SingTel skidded 0.95 percent, Comfort DelGro dropped 0.76 percent, Singapore Exchange shed 0.68 percent, Yangzijiang Shipbuilding jumped 0.62 percent, DBS Group collected 0.56 percent, Wilmar International climbed 0.55 percent, Singapore Technologies and Genting Singapore both advanced 0.52 percent, CapitaLand Mall Trust sank 0.42 percent, Ascendas REIT added 0.34 percent, United Overseas Bank gained 0.19 percent, Oversea-Chinese Banking Corporation rose 0.17 percent and Keppel Corp was unchanged.

The lead from Wall Street suggests mild upside as stocks fluctuated on Tuesday but managed to finish in the green.

The Dow added 67.89 points or 0.26 percent to 26,452.66, while the NASDAQ gained 24.21 points or 0.30 percent to 8,000.23 and the S&P 500 rose 1.48 points or 0.05 percent to 2,907.06.

Early buying interest was generated in reaction to solid earnings news from Dow components Johnson & Johnson (JNJ) and UnitedHealth (UNH).

The buying interest was offset by Federal Reserve report showing industrial production unexpectedly fell in March. Also, the National Association of Home Builders noted a modest improvement in U.S. homebuilder confidence in April.

Crude oil prices moved higher on Tuesday amid prospects of tight supply conditions in the market. West Texas Intermediate Crude oil futures for May ended up $0.65 or 1 percent at $64.05 a barrel.

Closer to home, Singapore will release March numbers for imports, exports and trade balance later today. In February, imports were worth SGD36.12 billion and exports were at SGD39.87 billion for a trade surplus of SGD3.75 billion.
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