The Singapore stock market recently concluded a two-day ascent, during which it gained over 20 points, or 0.6%. The Straits Times Index (STI) now resides slightly above the 3,575-point mark, and it's anticipated to climb higher once more on Wednesday.
Forecasts for Asian markets generally predict a mild upturn, driven by strong performance from technology companies. While the European markets saw a decline, the U.S. markets experienced gains, suggesting that Asian markets may follow the latter's positive trend.
On Tuesday, the STI experienced a modest decline, influenced by downturns in financial shares, property stocks, and industrial sectors. The index fell by 23.50 points or 0.65%, closing at 3,575.69 after fluctuating between 3,572.71 and 3,605.41 throughout the day.
Key movements included CapitaLand Integrated Commercial Trust and Oversea-Chinese Banking Corporation, both down 0.47%. CapitaLand Investment decreased by 0.98%, while City Developments dropped 1.84%. Comfort DelGro fell by 0.68%, DBS Group dipped slightly by 0.03%, Emperador declined 1.16%, and Genting Singapore retreated 1.69%. Hongkong Land experienced a slight uptick of 0.73%, whereas both Keppel DC REIT and Mapletree Logistics Trust saw a fall of 1.38%. Keppel Ltd slid by 1.80%, and Mapletree Pan Asia Commercial Trust decreased by 2.00%. Mapletree Industrial Trust declined 1.61%, SATS fell 0.27%, and SembCorp Industries dropped 0.90%. Conversely, Singapore Technologies Engineering rose by 0.21%, and SingTel saw a modest increase of 0.32%. Meanwhile, Thai Beverage plummeted 2.80%, Wilmar International fell 2.05%, Yangzijiang Financial dropped a significant 5.75%, Yangzijiang Shipbuilding skidded 1.18%, with Seatrium Limited and Frasers Logistics & Commercial Trust remaining unchanged.
Wall Street's positive trajectory served as a strong lead, with major averages opening mixed but swiftly shifting into consistent positive territory.
The Dow Jones Industrial Average climbed 126.13 points, or 0.30%, closing at 42,080.37. The NASDAQ Composite surged 259.01 points, or 1.45%, reaching 18,182.92, and the S&P 500 gained 55.19 points, or 0.97%, finishing at 5,751.13.
Wall Street's strength was largely attributed to investors seeking bargains, particularly within the tech sector.
In economic developments, the U.S. trade deficit narrowed to $70.4 billion in August 2024—the lowest in five months—down from an upwardly revised $78.9 billion in July. Exports rose by 2% to a record high of $271.8 billion, while imports fell 0.9% to $342.2 billion.
Upcoming data on U.S. consumer and producer price inflation is slated for release later this week.
Oil prices experienced a downturn on Tuesday as concerns over supply disruptions were somewhat alleviated, following reports indicating that Israel is unlikely to strike Iranian oil facilities. West Texas Intermediate Crude oil futures for November dropped by $3.57, or 4.63%, settling at $73.57 per barrel.