Win Streak May Continue For Singapore Stock Market

The Singapore stock market has climbed higher in four straight sessions, soaring more than 150 points or 4.7 percent along the way. Now at a fresh 30-month closing high, the Straits Times Index sits just above the 3,400-point plateau and it's predicted to add to its winnings again on Wednesday.

The global forecast for the Asian markets is positive on continued bargain hunting and optimism over earnings news. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The STI finished sharply higher on Tuesday following gains from the financial shares and industrial issues, while the properties were mixed.

For the day, the index climbed 35.26 points or 1.05 percent to finish at 3,401.74 after trading between 3,373.04 and 3,411.51. Volume was 1.6 billion shares worth 1.7 billion Singapore dollars. There were 304 gainers and 191 decliners.

Among the actives, Ascendas REIT added 0.72 percent, while CapitaLand Integrated Commercial Trust advanced 1.16 percent, City Developments jumped 1.97 percent, Comfort DelGro accelerated 2.13 percent, Dairy Farm International skyrocketed 3.99 percent, DBS Group collected 0.27 percent, Genting Singapore gathered 1.32 percent, Hongkong Land sank 0.90 percent, Keppel Corp rallied 2.04 percent, Mapletree Commercial Trust strengthened 1.68 percent, Mapletree Logistics Trust spiked 2.20 percent, Oversea-Chinese Banking Corporation improved 1.31 percent, SATS fell 0.25 percent, SembCorp Industries gained 0.41 percent, Singapore Airlines climbed 1.33 percent, Singapore Exchange was up 0.20 percent, Singapore Technologies Engineering rose 0.26 percent, SingTel perked 0.79 percent, United Overseas Bank soared 2.29 percent, Yangzijiang Shipbuilding surged 3.70 percent and Thai Beverage, Wilmar International and Singapore Press Holdings were unchanged.

The lead from Wall Street is solid as the major averages shook off early weakness on Tuesday and picked up steam as the session progressed, ending firmly in positive territory.

The Dow spiked 371.65 points or 1.06 percent to finish at 35,462.78, while the NASDAQ jumped 178.79 points or 1.28 percent to end at 14,194.79 and the S&P 500 gained 37.67 points or 0.84 percent to close at 4,521.54.

The strength that emerged on Wall Street came as traders continued to pick up stocks at relatively reduced levels as they digest the latest batch of quarterly earnings news.

Motorcycle maker Harley Davidson (HOG) and education technology company Chegg (CHGG) led the way higher, while drug giant Pfizer fell under pressure.

In economic news, the Commerce Department released a report showing the U.S. trade deficit widened modestly in December.

Crude oil prices settled sharply lower Tuesday, extending losses from the previous session. Oil prices dropped with traders eyeing U.S.-Iran talks, which if successful could flood the market. West Texas Intermediate Crude oil futures for March dropped $1.96 or about 2.2 percent at $89.36 a barrel.