Singapore Market Likely Rangebound Again On Tuesday


(RTTNews.com) – The Singapore stock market gave up less than a point, but that was enough to snap the modest two-day winning streak in which it had gained 6 points or 0.2 percent. The Straits Times Index remained just above the 3,450-point plateau, although the market may bounce higher again on Tuesday.

The global forecast for the Asian markets suggests mild upside, thanks to a solid rebound in the price of crude oil. The major European markets were closed for Easter Monday, while the U.S. bourses ticked higher – and the Asian markets are also expected to open in the green.

The STI finished barely lower on Monday as the financial, plantation and property sectors all finished mixed.

For the day, the index eased 0.84 points or 0.02 percent to finish at 3,452.91 after trading between 3,451.21 and 3,458.18.

Among the actives, City Developments added 0.49 percent, while Hongkong Land dropped 1.17 percent, Golden Agri-Resources jumped 1.16 percent, Genting Singapore fell 1.05 percent, United Overseas Bank collected 0.61 percent, DBS Group eased 0.10 percent, SIA dipped 0.33 percent and SingTel advanced 0.68 percent.

The lead from Wall Street is upbeat, thanks to a boost from the energy stocks following an increase in the price of crude oil.

The S&P 500 gained 13.66 points or 0.66 percent to close at 2,080.62, while the Dow Jones Industrial Average advanced 117.61 points or 0.66 percent to 17,880.85 and the NASDAQ gained 30.38 points, or 0.62 percent to 4,917.32.

The markets struggled early as traders reacted to last week’s disappointing jobs data. The U.S. markets were closed Friday for a holiday, but government employment figures for March came in below expectations.

However, U.S. crude oil surged to a one-month high on Monday as investors bet it could take several months for Iran to ramp up crude oil production for export following a deal with western powers over its nuclear program.

Traders shrugged off a disappointing report on the health of the country’s services sector as a report from the Institute for Supply Management showed a slowdown in the growth of the country’s non-manufacturing segment.

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