(RTTNews) - The Singapore stock market on Tuesday halted the eight-day losing streak in which it had tumbled more than 135 points or 4.4 percent to a 19-month closing low. The Straits Times Index now rests just above the 3,025-point plateau and it's due for additional support on Wednesday.
The global forecast for the Asian markets is upbeat on bargain hunting and renewed optimism over earnings. The European and U.S. markets were firmly higher and the Asian bourses are expected to open in similar fashion.
The STI finished modestly higher on Tuesday following gains from the financial shares and the property stocks.
For the day, the index improved 10.13 points or 0.34 percent to finish at 3,025.88 after trading between 3,007.94 and 3,039.06. Volume was 1.6 billion shares worth 979.6 million Singapore dollars. There were 328 gainers and 216 decliners.
Among the actives, Ascendas REIT climbed 0.76 percent, while CapitaLand Integrated Commercial Trust advanced 0.55 percent, CapitaLand Investment rallied 0.93 percent, City Developments gained 0.27 percent, DBS Group rose 0.25 percent, Genting Singapore accelerated 1.29 percent, Hongkong Land perked 0.23 percent, Keppel Corp lost 0.60 percent, Mapletree Pan Asia Commercial Trust sank 0.61 percent, Mapletree Industrial Trust slumped 1.32 percent, Mapletree Logistics Trust soared 2.03 percent, Oversea-Chinese Banking Corporation jumped 0.96 percent, SembCorp Industries tumbled 2.08 percent, Singapore Technologies Engineering dropped 0.94 percent, SingTel strengthened 0.81 percent, Thai Beverage retreated 1.71 percent, United Overseas Bank collected 0.65 percent, Wilmar International added 0.28 percent, Yangzijiang Financial surged 2.90 percent, Yangzijiang Shipbuilding spiked 1.75 percent and Emperador, Comfort DelGro and SATS were unchanged.
The lead from Wall Street is positive as the major averages opened higher on Tuesday, faded midday but bounced higher again heading into the close.
The Dow surged 337.98 points or 1.12 percent to finish at 30,525.80, while the NASDAQ advanced 96.60 points or 0.90 percent to end at 10,772.40 and the S&P 500 climbed 42.03 points or 1.14 percent to close at 3,719.98.
The initial strength on Wall Street reflected a positive reaction to upbeat earnings news from companies like Goldman Sachs (GS) and Johnson & Johnson (JNJ), which helped ease concerns about the strength of the earnings season.
In economic news, the Federal Reserve released a report showing industrial production increased by more than expected in September.
Crude oil prices fell sharply on Tuesday after a volatile session amid uncertainty about the outlook for energy demand. West Texas Intermediate Crude oil futures for November slumped $2.64 or 3.1 percent at $82.82 a barrel.
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