Singapore Bourse May See Positive Bounce


(RTTNews.com) – The Singapore stock market turned lower again on Tuesday, one session after it had snapped the two-day losing streak in which it had fallen almost 30 points or 0.9 percent. The Straits Times Index settled just below the 3,410-point plateau, although now the market may rebound on Wednesday.

The global forecast for the Asian markets is positive, thanks to further upside in the price of crude oil. The European and U.S. markets were higher, and the Asian markets are tipped to open in similar fashion.

The STI finished modestly lower on Tuesday as losses from the financials, telecoms and plantations were mitigated by gains from the property sector.

For the day, the index shed 15.33 points or 0.45 percent to finish at 3,408.02 after trading between 3,401.03 and 3,422.18.

Among the actives, Keppel Corp climbed 1.49 percent, while City Developments added 0.40 percent, Hongkong Land spiked 1.32 percent, DBS Group shed 0.91 percent, United Overseas Bank dropped 1.45 percent, Wilmar International lost 1.23 percent, SembCorp Marine advanced 1.31 percent and SingTel fell 1.21 percent.

The lead from Wall Street remains firm as stocks moved sharply higher on Tuesday as oil prices moved higher for the third straight session, further offsetting the weakness that was seen last week.

The Dow soared 305.36 points or 1.8 percent to 17,666.40, while the NASDAQ jumped 51.05 points or 1.1 percent to 4,727.74 and the S&P 500 surged 29.18 points or 1.4 percent to 2,050.03.

Crude oil for March delivery jumped $ 3.48 to $ 53.05 a barrel after surging $ 1.33 a barrel on Monday and soaring $ 3.71 a barrel last Friday. The continued increase came as BP (BP) joined other major energy companies in announcing a reduction in its capital spending plans.

Positive sentiment was also generated by developments in Greece, where the new government reportedly dropped calls for a write-down of its foreign debt.

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