The Singapore stock market inched higher again on Tuesday, one session after snapping the seven-day winning streak in which it had surged more than 180 points or 5.5 percent. The Straits Times Index sits just above the 3,420-point plateau and it may extend its gains on Wednesday.
The global forecast for the Asian markets is broadly positive on easing geopolitical concerns and bargain hunting. The European and U.S. markets finished firmly higher and the Asian markets are expected to open in similar fashion.
The STI finished barely higher on Tuesday as gains from the properties and industrials were offset by profit taking among the financials.
For the day, the index was up 0.18 points or 0.01 percent to finish at 3,421.38 after trading between 3,407.37 and 3,425.62. Volume was 1.2 billion shares worth 1.6 billion Singapore dollars. There were 247 gainers and 201 decliners.
Among the actives, Ascendas REIT jumped 1.31 percent, while CapitaLand Integrated Commercial Trust accelerated 1.46 percent, City Developments rallied 1.26 percent, Comfort DelGro collected 0.70 percent, Dairy Farm International increased 0.35 percent, DBS Group tumbled 1.80 percent, Genting Singapore rose 0.65 percent, Keppel Corp was up 0.17 percent, Mapletree Commercial Trust soared 2.21 percent, Mapletree Logistics Trust gathered 1.16 percent, Oversea-Chinese Banking Corporation sank 0.60 percent, SATS spiked 1.74 percent, SembCorp Industries climbed 1.24 percent, Singapore Airlines perked 1.15 percent, Singapore Exchange advanced 0.82 percent, Singapore Press Holdings improved 0.43 percent, Singapore Technologies Engineering strengthened 0.26 percent, SingTel added 0.78 percent, Thai Beverage surged 3.03 percent, United Overseas Bank eased 0.06 percent, Wilmar International skyrocketed 4.85 percent, Yangzijiang Shipbuilding gained 0.73 percent and Hongkong Land was unchanged.
The lead from Wall Street is firm as the major averages opened higher on Tuesday and stayed that way throughout the session, finishing solidly in the green.
The Dow surged 422.67 points or 1.22 percent to finish at 34,988.84, while the NASDAQ soared 348.84 points or 2.53 percent to end at 14,139.76 and the S&P 500 spiked 69.40 points or 1.58 percent to close at 4,471.07.
The rebound on Wall Street came amid easing geopolitical concerns following news Russia is pulling back some troops from the Ukrainian border. Concerns about a destabilizing conflict between Russia and the Ukraine have weighed on stocks over the past few sessions.
Meanwhile, traders largely shrugged off a report from the Labor Department showing U.S. producer prices jumped by much more than expected in January.
Crude oil prices tumbled on Tuesday as worries about supply disruptions eased amid the de-escalation of tensions between Russia and Ukraine. West Texas Intermediate Crude oil futures for March ended down by $3.39 or 3.6 percent at $92.07 a barrel.