The Singapore stock market has experienced gains for four consecutive sessions, accumulating nearly 50 points or 1.5 percent during this period. Consequently, the Straits Times Index (STI) currently hovers just above the 3,310-point mark, with prospects of further gains on Wednesday.
Globally, the forecast for the Asian markets is cautiously optimistic, buoyed by hopeful signs regarding interest rates. European markets remained largely unchanged and mixed, while U.S. markets saw an upward trend. This positive sentiment is expected to carry over to the Asian markets.
On Tuesday, the STI posted marginal gains, driven by advances in the industrial and financial sectors, albeit with mixed results in property stocks. Specifically, the index rose by 9.69 points or 0.29 percent, closing at a daily high of 3,313.35 after dipping to 3,298.51 earlier in the session.
In terms of individual stock performance, SeaTrum surged an astonishing 1900 percent. Singapore Technologies Engineering climbed 4.22 percent, Thai Beverage increased by 3.06 percent, SembCorp Industries spiked 1.33 percent, and Yangzijiang Shipbuilding advanced 1.15 percent. Conversely, UOL Group dipped 0.88 percent, matched by Hongkong Land's 0.88 percent rise. Other notable movements included Oversea-Chinese Banking Corporation (+0.84 percent), SingTel (+0.83 percent), Mapletree Pan Asia Commercial Trust (+0.81 percent), SATS (+0.78 percent), and CapitaLand Investment (+0.77 percent). On the downside, Mapletree Logistics Trust fell 0.73 percent, Comfort DelGro decreased 0.69 percent, and DFI Retail shed 0.53 percent. CapitaLand Ascendas REIT and DBS Group saw gains of 0.38 percent and 0.25 percent, respectively, while CapitaLand Integrated Commercial Trust, Emperador, and Keppel DC REIT remained unchanged.
Wall Street closed on a positive note, with major indices holding steady for most of Tuesday before a late rally pushed them firmly into positive territory. The Dow Jones Industrial Average rose by 126.60 points or 0.32 percent to 39,558.11. The NASDAQ gained 122.94 points or 0.75 percent to 16,511.18, and the S&P 500 added 25.26 points or 0.48 percent to close at 5,246.68.
The upward trajectory on Wall Street was supported by declining treasury yields following an earlier rise. The benchmark ten-year note yield reached its lowest closing level in over a month. Treasury yields initially increased after a Labor Department report revealed higher-than-anticipated producer prices in April. While this report sparked renewed uncertainty about interest rate outlooks, some economists viewed the downward revisions to March's data as an encouraging sign.
Meanwhile, oil futures dropped on Tuesday amid concerns that the Federal Reserve might maintain higher interest rates for an extended period in response to increased U.S. producer prices. West Texas Intermediate (WTI) Crude oil futures for June declined by $1.10 or approximately 1.4 percent, settling at $78.02 per barrel.