The Singapore stock market concluded its three-day rally on Monday, during which it gained over 30 points, or 0.8 percent. The Straits Times Index (STI) now rests slightly above the 3,730-point benchmark, with prospects of a rebound anticipated on Tuesday. The global outlook for Asian markets is tentatively positive, with technology and oil stocks poised to lead gains. European and U.S. markets mostly closed on an upward trend, and similar positive openings are expected in Asian trading floors. On Monday, the STI experienced a modest decline, affected by mixed results in financial shares, property stocks, and industrial sectors. Specifically, the index fell by 12.15 points, or 0.32 percent, settling at 3,732.55 after fluctuating between 3,727.94 and 3,754.82 throughout the session. Key movements included CapitaLand Integrated Commercial Trust declining by 1.01 percent, CapitaLand Investment advancing by 0.72 percent, City Developments rising by 0.39 percent, and DBS Group falling by 1.26 percent. Meanwhile, DFI Retail surged 3.42 percent, Hongkong Land dropped 2.14 percent, Keppel DC REIT fell 0.45 percent, Keppel Ltd increased by 0.30 percent, Mapletree Pan Asia Commercial Trust and Mapletree Industrial Trust both rose by 0.81 percent. SATS plummeted 2.60 percent, Seatrium Limited declined 1.08 percent, SembCorp Industries fell 1.37 percent, Singapore Technologies Engineering dropped sharply by 5.52 percent, SingTel dipped 0.63 percent, while Thai Beverage edged up by 0.97 percent and Wilmar International increased by 1.31 percent. Yangzijiang Shipbuilding decreased by 0.79 percent, with stocks such as Emperador, Genting Singapore, Yangzijiang Financial, Frasers Logistics & Commercial Trust, Oversea-Chinese Banking Corporation, Frasers Centrepoint Trust, Mapletree Logistics Trust, and Comfort DelGro remaining stable.
Wall Street's performance on Monday suggests a mild upward trend, with the major indices displaying mixed openings and trading within a narrow range before closing with varied results. The Dow Jones Industrial Average dropped by 55.39 points, or 0.13 percent, closing at 43,389.60. Conversely, the NASDAQ gained 111.69 points, or 0.60 percent, reaching 18,791.81, while the S&P 500 added 23.00 points, or 0.39 percent, ending at 5,893.62. The strengthening of Wall Street can be attributed to bargain hunting, as traders rectify last week's considerable drop prompted by concerns over future interest rates.
In U.S. economic developments, the National Association of Home Builders reported a substantial increase in homebuilder confidence for November, surpassing predictions and marking the highest level since April.
Oil prices increased on Monday due to fears of supply shortages resulting from intensified conflicts between Russia and Ukraine, accompanied by the impact of a weakening dollar. West Texas Intermediate Crude oil futures for December settled $2.14 higher, or up 3.2 percent, at $69.16 per barrel.