Singapore Stock Market May Extend Monday’s Gains

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The Singapore stock market has alternated between positive and negative finishes through the last eight sessions since the end of the two-day winning streak in which it had surged more than 270 points or 12 percent. The Straits Times Index now rests just above the 2,470-point plateau and it’s predicted to open higher again on Tuesday.

The global forecast for the Asian markets is broadly positive on optimism that the Covid-19 curve may finally be flattening. The European and U.S. markets were firmly higher and the Asian markets are also tipped to open in the green.

The STI finished sharply higher on Monday following gains from the financial shares, plantation stocks and industrial issues.

For the day, the index spiked up 81.30 points or 3.40 percent to finish at 2,470.59 after trading between 2,411.27 and 2,477.31. Volume was 1.51 billion shares worth 1.43 billion Singapore dollars. There were 300 gainers and 121 decliners.

Among the actives, Ascendas REIT spiked 5.95 percent, while CapitaLand advanced 4.59 percent, CapitaLand Mall Trust soared 6.58 percent, Comfort DelGro skidded 1.40 percent, DBS Group collected 2.68 percent, Genting Singapore accelerated 6.15 percent, Oversea-Chinese Banking Corporation gained 3.94 percent, SembCorp Industries perked 3.33 percent, SingTel rose 1.16 percent, Thai Beverage jumped 5.83 percent, United Overseas Bank gathered 3.62 percent, Wilmar International skyrocketed 8.28 percent and Yangzijiang Shipbuilding increased 3.53 percent.

The lead from Wall Street is upbeat as stocks opened higher on Monday and picked up steam as the day progressed.

The Dow surged 1,627.46 points or 7.73 percent to 22,679.99, while the NASDAQ soared 540.15 points or 7.33 percent to 7,913.24 and the S&P 500 spiked 175.03 points or 7.03 percent to end at 2,663.68.

The rally on Wall Street came as the reported death tolls in some of the world’s coronavirus hot spots showed signs of easing over the weekend. The number of coronavirus-related deaths in New York State fell to 594 on Sunday from 630 on Saturday, reflecting the first daily decrease.

Reports of decreases in the number of new infections and deaths in European countries like Italy and Spain also generated positive sentiment.

Crude oil prices drifted lower on Monday after moving up in the previous two sessions due to the postponement of a meeting between leading oil producers. West Texas Intermediate crude oil futures for June ended down $2.26 or 8 percent at $26.08 a barrel.

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