Win Streak May Continue For Singapore Stock Market

(RTTNews) - The Singapore stock market has moved higher in two straight sessions, gathering almost 35 points or 0.8 percent along the way. The Straight Times Index now sits just above the 4,680-point plateau and it's expected to see additional support on Tuesday.

The global forecast for the Asian markets is positive, with oil companies expected to lead the way - although profit-taking may creep in late in the day. The European and U.S. markets were up and the Asian bourses figure to at least open in similar fashion.

The STI finished modestly higher on Monday following gains from the financial shares and industrial issues, while the property sector was mixed.

For the day, the index gained 24.38 points or 0.52 percent to finish at 4,680.50 after trading between 4,668.69 and 4,690.48.

Among the actives, CapitaLand Ascendas REIT rose 0.35 percent, while CapitaLand Investment lost 0.36 percent, City Developments soared 2.99 percent, DBS Group gained 0.44 percent, DFI Retail Group dropped 0.76 percent, Hongkong Land stumbled 1.56 percent, Keppel Ltd jumped 1.45 percent, Oversea-Chinese Banking Corporation added 0.55 percent, SATS rallied 1.32 percent, Seatrium Limited spiked 1.84 percent, Singapore Airlines was up 0.31 percent, Singapore Exchange vaulted 0.82 percent, Singapore Technologies Engineering surged 3.57 percent, SingTel slumped 1.09 percent, United Overseas Bank collected 0.71 percent, UOL Group climbed 1.03 percent, Wilmar International expanded 0.66 percent, Yangzijiang Shipbuilding advanced 0.58 percent and Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, Mapletree Logistics Trust, Genting Singapore, Thai Beverage, Keppel DC REIT, SembCorp Industries, CapitaLand Integrated Commercial Trust and Frasers Centrepoint Trust were unchanged.

The lead from Wall Street is firm as the major averages opened higher on Monday and remained in the green throughout the trading day.

The Dow rallied 594.79 points or 1.23 percent to finish at 48,977.18, while the NASDAQ added 160.19 points or 0.69 percent to end at 23,395.82 and the S&P 500 gained 43.58 points or 0.64 percent to close at 6,902.05.

The jump by the Dow reflected a spike by shares of Chevron (CVX), with the energy giant soaring by 5.1 percent. Chevron, which is one of the leading private oil companies in Venezuela, surged following a U.S. attack on the country that led to the capture of President Nicolás Maduro.

The price of crude oil also shot up in reaction to the news, contributing to substantial strength among oil service stocks. The Philadelphia Oil Service Index spiked by 5.5 percent amid optimism about potential gains from rebuilding Venezuela's oil infrastructure.

On the U.S. economic front, the Institute for Supply Management said its reading on U.S. manufacturing activity unexpectedly decreased in December.

Crude oil prices surged on Monday after OPEC reaffirmed its plans to pause production increases for early 2026, thereby allaying oversupply concerns. West Texas Intermediate crude for February delivery was up $58.31 or 0.99 percent at $1.73 per barrel.