Overbought Singapore Market Nonetheless Tipped To Open Higher

(RTTNews) – The Singapore stock market has climbed higher in eight straight sessions, advancing almost 125 points or 4 percent along the way. The Straits Times Index now sits just beneath the 3,290-point plateau and it’s looking at another green light for Tuesday’s trade.

The global forecast for the Asian markets suggests mild upside, supported by crude oil prices and optimism for economic recovery. The European markets were up and the U.S. markets were off on holiday, and the Asian markets are also expected to tick higher.

The STI finished slightly higher on Monday following mixed performances from the financial shares, property stocks and industrial issues.

For the day, the index added 5.98 points or 0.18 percent to finish at 3,287.95 after trading between 3,279.33 and 3,297.79. Volume was 1.13 billion shares worth 1.09 billion Singapore dollars. There were 258 decliners and 193 gainers.

Among the actives, Ascendas REIT skidded 0.69 percent, while CapitaLand Integrated Commercial Trust retreated 1.00 percent, City Developments and UOL Group both eased 0.14 percent, Comfort DelGro soared 2.21 percent, Dairy Farm International spiked 1.81 percent, DBS Group added 0.33 percent, Genting Singapore sank 0.64 percent, Hongkong Land lost 0.55 percent, Keppel Corp rose 0.19 percent, Mapletree Logistics Trust shed 0.56 percent, Oversea-Chinese Banking Corporation slid 0.24 percent, SATS surged 2.79 percent, SembCorp Industries fell 0.46 percent, Singapore Airlines advanced 0.99 percent, Singapore Exchange dropped 0.62 percent, Singapore Technologies Engineering slumped 0.27 percent, SingTel jumped 1.63 percent, Thai Beverage tumbled 1.54 percent, United Overseas Bank collected 0.84 percent, Wilmar International declined 1.17 percent, Yangzijiang Shipbuilding climbed 1.52 percent and Mapletree Commercial Trust, Singapore Press Holdings and Jardine Matheson were unchanged.

There is no lead from Wall Street as the markets were off Monday for the Martin Luther King Jr. holiday and will return to action on Tuesday.

The European markets provide a positive secondary lead, thanks to a combination of bargain hunting, slowing coronavirus numbers and economic optimism.

Financials, technology stocks and industrials are all looking at support.

Crude oil prices moved modestly higher on Thursday, with the upside capped by news that the Trans Mountain pipeline returned to normal operations following a two-month disruption. West Texas Intermediate crude for February delivery added $0.48 or 0.57 percent to $84.30 per barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


Jinggo B Danuarta

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