The Singapore stock market has experienced gains over the past two sessions, amassing an increase of over 35 points, or 0.9%. Currently, the Straits Times Index (STI) is positioned slightly below the 3,800-point mark. However, it is anticipated that momentum may slow down by Tuesday.
Globally, forecasts suggest a cautious outlook for Asian markets, with the anticipation of profit-taking as the year concludes, particularly in the technology sector. Both the European and U.S. markets experienced declines, which could influence the performance of Asian markets.
On Monday, the STI showed moderate gains due to the positive performance of financial shares, property stocks, and industrial sectors. The index rose by 24.10 points, or 0.64%, reaching a closing high of 3,795.73, after varying between a low of 3,769.66 throughout the day.
Active stocks included CapitaLand Integrated Commercial Trust, which increased by 0.52%, and CapitaLand Investment, which surged by 1.53%. Comfort DelGro gained 0.68%, DBS Group advanced 0.69%, and Emperador rallied 1.20%. Additionally, Hongkong Land rose by 1.36%, Keppel DC REIT was up by 0.46%, Mapletree Pan Asia Commercial Trust climbed 0.82%, and Oversea-Chinese Banking Corporation strengthened by 1.09%. SATS gained 0.55%, SembCorp Industries soared 1.65%, Singapore Technologies Engineering and Wilmar International each rose by 0.65%. Conversely, Thai Beverage dropped 0.91%, while Yangzijiang Financial and Yangzijiang Shipbuilding saw increases of 2.44% and 1.37%, respectively. Stocks like Mapletree Industrial Trust, Mapletree Logistics Trust, DFI Retail Group, Frasers Centrepoint Trust, Genting Singapore, Seatrium Limited, SingTel, City Developments, and Keppel Ltd remained unchanged.
Meanwhile, Wall Street sent bearish signals as the major indices opened lower on Monday and continued in negative territory. The Dow Jones Industrial Average fell by 418.48 points, or 0.97%, closing at 42,573.73. The NASDAQ decreased by 235.25 points, or 1.19%, to finish at 19,486.79, and the S&P 500 sank 63.90 points, or 1.07%, ending at 5,906.94.
The weakness on Wall Street extended last Friday's sell-off, with traders capitalizing on profits as the year-end approaches. Despite the recent downturn, major indices, particularly the tech-centric NASDAQ, are on track for significant 2024 gains, with the NASDAQ up almost 30% for the year.
Initially hit hard, technology stocks pared back some losses but ultimately closed the day in the red. Semiconductor stocks, in particular, demonstrated significant weakness, with the Philadelphia Semiconductor Index posting a 1.9% loss.
The broader sell-off may have been accentuated by lighter trading volumes, as many market participants were absent ahead of the New Year's Day holiday on Wednesday.
In commodity markets, oil prices reached a five-week high on Monday. This rise was driven by unexpectedly large declines in U.S. crude inventories coupled with expectations of increased demand from China. February futures for West Texas Intermediate Crude climbed 0.6%, settling at $70.99 per barrel.
The material has been provided by InstaForex Company -
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