Win Streak May Continue For Singapore Stock Market

(RTTNews) - The Singapore stock market has tracked higher in consecutive trading days, collecting more than 90 points or 1.6 percent along the way. The Straits Times Index now rests just above the 4,935-point plateau and it may see additional support on Wednesday.

The global forecast for the Asian markets suggests mild upside ahead of the U.S. monetary policy announcement later today. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

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

For the day, the index climbed 67.28 points or 1.38 percent to finish at the daily high of 4,935.97 after moving as low as 4,897.39.

Among the actives, CapitaLand Ascendas REIT added 0.78 percent, while CapitaLand Integrated Commercial Trust spiked 1.71 percent, CapitaLand Investment and Frasers Logistics & Commercial Trust both advanced 1.06 percent, DBS Group surged 1.96 percent, DFI Retail Group advanced 1.29 percent, Genting Singapore rose 0.74 percent, Hongkong Land soared 1.89 percent, Keppel DC REIT increased 0.89 percent, Keppel Ltd improved 0.98 percent, Mapletree Pan Asia Commercial Trust expanded 1.48 percent, Mapletree Industrial Trust vaulted 1.52 percent, Mapletree Logistics Trust rallied 1.67 percent, Oversea-Chinese Banking Corporation jumped 1.69 percent, SATS climbed 1.39 percent, Seatrium Limited accelerated 1.70 percent, SembCorp Industries strengthened 1.56 percent, Singapore Airlines and Yangzijiang Shipbuilding both gained 0.76 percent, Singapore Exchange gathered 0.63 percent, Singapore Technologies Engineering fell 0.27 percent, SingTel skyrocketed 2.58 percent, Thai Beverage slumped 1.12 percent, United Overseas Bank collected 1.46 percent, UOL Group sank 0.41 percent, Wilmar International was up 0.52 percent and City Developments was unchanged.

The lead from Wall Street is firm as the major averages opened higher on Tuesday and remained in the green throughout the day, although off session highs.

The Dow added 46.85 points or 0.10 percent to finish at 46,993.26, while the NASDAQ climbed 105.35 points or 0.47 percent to end at 22,479.53 and the S&P 500 added 16.71 points or 0.25 percent to close at 6,716.09.

The early strength on Wall Street came as traders attempted to shrug off the recent volatility shown by the price of crude oil, which has been a key driver of trading in recent sessions.

Crude oil prices surged Tuesday as Iran stepped up its attack on energy infrastructure in the Middle East in its war against the U.S. and Israel. West Texas Intermediate crude for April delivery was up $2.57 or 2.75 percent at $96.07 per barrel.

The Israeli military also said it had begun a "wide-scale wave of strikes" across Iran's capital and was also stepping up strikes on Iran-backed Hezbollah targets in Lebanon.

Traders were also reluctant to make significant moves ahead of the Federal Reserve's monetary policy announcement. While the Fed is widely expected to leave interest rates unchanged, traders will pay close attention to central bank officials' latest projections.