The Singapore stock market on Tuesday snapped the two-day winning streak in which it had collected more than 30 points or 1 percent. The Straits Times Index now rests just above the 3,115-point plateau although it figures to open higher again on Wednesday.
The global forecast for the Asian markets is upbeat on bargain hunting and optimism ahead of earnings season. The European and U.S. markets were sharply higher and the Asian bourses are tipped to open in a similar fashion.
The STI finished slightly lower on Tuesday following mixed performances from the financials, properties and industrials.
For the day, the index fell 3.97 points or 0.13 percent to finish at 3,117.79 after trading between 3,108.43 and 3,124.87. Volume was 735 million shares worth 757.8 million Singapore dollars. There were 284 decliners and 182 gainers.
Among the actives, Ascendas REIT stumbled 0.69 percent, while CapitaLand Integrated Commercial Trust sank 0.48 percent, CapitaLand Investment shed 0.26 percent, DBS Group eased 0.03 percent, Genting Singapore plummeted 2.53 percent, Hongkong Land lost 0.20 percent, Keppel Corp tumbled 0.92 percent, Mapletree Commercial Trust added 0.56 percent, Mapletree Industrial Trust and SingTel both dropped 0.38 percent, Mapletree Logistics Trust plunged 1.16 percent, Oversea-Chinese Banking Corporation fell 0.18 percent, SATS rose 0.25 percent, SembCorp Industries surged 4.10 percent, Singapore Exchange perked 0.20 percent, Singapore Technologies Engineering declined 0.74 percent, Thai Beverage retreated 0.78 percent, United Overseas Bank collected 0.19 percent, Wilmar International slumped 0.51 percent and Yangzijiang Financial, Yangzijiang Shipbuilding, Comfort DelGro, City Developments and Frasers Logistics were unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and only accelerated as the day progressed.
The Dow surged 754.44 points or 2.43 percent to finish at 31,827.05, while the NASDAQ spiked 353.10 points or 3.11 percent to close at 11,713.15 and the S&P 500 jumped 105.84 points or 2.76 percent to end at 3,936.69.
The rebound on Wall Street came as optimism about upcoming earnings news fueled a heavy wave of buying.
In earnings news, toymaker Hasbro (HAS) and oil services giant Halliburton (HAL) beat the street, while IBM Corp. (IBM) and Johnson & Johnson (JNJ) provided disappointing guidance.
In economic news, the Commerce Department unexpectedly reported a continued decline in housing starts in June.
Crude oil futures ended sharply higher Tuesday amid signs of tighter supplies in the global oil market, while the dollar's continued weakness also contributed to the sharp rise in oil prices. West Texas Intermediate Crude oil futures for August ended higher by $1.62 or 1.6 percent at $104.22 a barrel.