Singapore Stock Market Needs Consolidation

(RTTNews) – Singapore’s stock market has finished higher in three consecutive sessions, climbing more than 115 points or 3.6% along the way. Now at a fresh 30-month closing high, the Straits Times Index is sitting just above the 3,365 plateau, though investors expect to lock in gains on Tuesday.

The global outlook for Asian markets is mixed on the downside due to lower oil prices and profit taking among tech stocks. European markets were up and US stock markets were mostly down and Asian markets should follow the latter lead.

The STI ended sharply higher again on Monday following gains in financials and industrials stocks.

For the day, the index climbed 35.07 points or 1.05% to end at a daily high of 3,366.48 after falling to 3,327.63. The volume was 1.8 billion shares worth S$1.5 billion. There were 322 winners and 206 decliners.

Among assets, Singapore Exchange soared 4.89%, while Singapore Airlines rose 3.14%, Yangzijiang Shipbuilding and SATS both jumped 2.27%, United Overseas Bank climbed 1, 98%, Mapletree Commercial Trust fell 1.65%, Singapore Technologies Engineering climbed 1.61%, DBS Group accelerated. 1.47%, Genting Singapore jumped 1.33%, Oversea-Chinese Banking Corporation climbed 1.25%, SembCorp Industries gained 1.24%, Mapletree Logistics Trust slipped 1.16%, Dairy Farm International rose 1.10%, CapitaLand Integrated Commercial Trust fell 0.97%, SingTel gained 0.80%. , Thai Beverage gained 0.76%, Comfort DelGro rose 0.71%, Wilmar International rose 0.69%, Singapore Press rose 0.43%, Ascendas REIT lost 0.36%, Hongkong Land fell 0.18%, Keppel Corp fell 0.17% and Venture Corporation was unchanged.

Wall Street’s lead ends up negative as markets opened mixed on Monday, saw wild swings either side of the flat line before finally finishing mostly lower.

The Dow Jones rose 1.39 points or 0.00% to end at 35,091.13, while the NASDAQ fell 82.34 points or 0.58% to close at 14,015.67 and the S&P 500 slipped 16.66 points or 0.37% to end at 4,483.87.

Shares of Meta Platforms, the parent company of Facebook, fell more than 5% following reports that a company threatened to withdraw the social media platform from the European Union. Microsoft, Merck, Walmart and also finished down noticeably.

Boeing rose more than 2.5%, while Tyson Foods, Chevron, American Express, Walgreens Boots Alliance, Coca-Cola and Caterpillar also closed on a positive note.

Crude oil futures fell on Monday amid signs that nuclear talks between the US and Iran are moving in a positive direction, so there could be a lifting of US sanctions on sales of Iranian oil. West Texas Intermediate crude oil futures for March ended down $0.99 or 1.1% at $91.32 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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