The Singapore stock market has climbed higher in two straight sessions, gathering more than 60 points or 1.9 percent along the way. The Straits Times Index now rests just beneath the 3,275-point plateau and it's called higher again on Wednesday.
The global forecast for the Asian is firm on optimism ahead of earnings season and a bump in crude oil prices. The European and U.S. markets were up and the Asian markets should follow suit.
The STI finished sharply higher on Tuesday following gains from the financial shares, while the properties and industrials also were mostly in the green.
For the day, the index spiked 46.01 points or 1.42 percent to finish at 3,274.83 after trading between 3,249.30 and 3,274.95. Volume was 2.4 billion shares worth 1.45 billion Singapore dollars. There were 271 gainers and 131 decliners.
Among the actives, Yangzijiang Shipbuilding surged 3.41 percent, while Genting Singapore soared 2.54 percent, DBS Group spiked 2.29 percent, Oversea-Chinese Banking Corporation jumped 2.21 percent, Comfort DelGro climbed 2.16 percent, United Overseas Bank collected 1.81 percent, CapitaLand advanced 1.66 percent, Thai Beverage shed 0.68 percent, CapitaLand Commercial Trust gathered 0.58 percent, CapitaLand Mall Trust lost 0.48 percent, Keppel Corp added 0.45 percent, SembCorp Industries fell 0.37 percent and Hutchison Port Holdings, Golden Agri-Resources, SingTel, Ascendas REIT and Wilmar International all were unchanged.
The lead from Wall Street is upbeat as stocks saw further upside on Tuesday as the S&P 500 reached its best closing level in five months.
The Dow jumped 143.07 points or 0.58 percent to 24,919.66, while the NASDAQ added 3.00 points or 0.04 percent to 7,759.20 and the S&P 500 rose 9.67 points or 0.35 percent to 2,793.84.
The continued strength came as optimism about the upcoming earnings season overshadowed recent trade concerns.
Beverage giant PepsiCo (PEP) released its second quarter results with earnings that beat the street. Financial giants Citigroup (C), JPMorgan Chase (JPM) and Wells Fargo (WFC) are due to report results on Friday.
Oil service stocks showed a strong move to the upside, driving the Philadelphia Oil Service Index up by 1.1 percent. Th at support came amid an increase in the price of crude oil for August delivery, which rose $0.26 to $74.11 a barrel.
by P2PNews Staff Writer