The Singapore stock market has experienced growth for three consecutive sessions, amassing nearly 25 points or 0.6 percent in overall gains. The Straits Times Index (STI) now hovers just below the 3,315-point threshold, with further gains anticipated on Tuesday. The global outlook for Asian markets remains cautiously optimistic, buoyed by potential strength in technology shares. European markets finished higher, while U.S. markets showed mixed results. Asian markets are likely to open positively.
On Monday, the STI edged slightly higher, reflecting a variety of performances across financial shares, property stocks, and industrials. The index increased by 0.57 points or 0.02 percent, closing at 3,314.05 after fluctuating between 3,306.32 and 3,318.24. Key movers included Ascendas REIT and SembCorp Industries, both declining by 0.38 percent, and CapitaLand Investment, which surged 2.26 percent. City Developments dipped 0.17 percent, Comfort DelGro fell 0.72 percent, and DBS Group rose 0.28 percent.
Other notable performers were Emperador, which dropped 1.16 percent, Genting Singapore, which gained 1.11 percent, and Hongkong Land, which climbed 2.34 percent. Keppel DC REIT and Keppel Ltd fell by 0.56 percent and 0.59 percent, respectively, while Mapletree Pan Asia Commercial Trust rallied 0.80 percent, and SATS advanced 0.39 percent. Seatrium Limited soared by an astounding 1,900.00 percent, but Singapore Technologies Engineering declined 1.89 percent. SingTel decreased by 0.41 percent, Wilmar International dropped 0.95 percent, and Yangzijiang Shipbuilding fell 0.57 percent. Meanwhile, CapitaLand Integrated Commercial Trust, Mapletree Logistics Trust, Thai Beverage, Yangzijiang Financial, and Frasers Logistics remained unchanged.
Wall Street's lead was mixed on Monday, with the major indices opening and closing in varied directions. The Dow Jones Industrial Average fell by 196.82 points or 0.49 percent to 39,806.77. Conversely, the NASDAQ surged by 108.91 points or 0.65 percent to achieve a record high of 16,794.88, and the S&P 500 edged up by 4.86 points or 0.09 percent to end at 5,308.13.
The NASDAQ's strength was largely driven by the tech sector, particularly semiconductor stocks, as evidenced by a 2.2 percent increase in the Philadelphia Semiconductor Index, marking a two-month high. Gold stocks also showed significant gains due to a record-high surge in the price of the precious metal. In contrast, banking and telecom stocks trended downward. The Dow's decline was attributed to profit-taking after closing above the 40,000-point mark for the first time on Friday.
Oil prices decreased on Monday amid concerns that the Federal Reserve might sustain higher interest rates over an extended period. West Texas Intermediate Crude oil futures fell to approximately $79.80, marking a $0.26 drop from the previous close.