The Singapore stock market has climbed higher in four straight sessions, improving almost 85 points or 2.5 percent along the way. The Straits Times Index now sits just above the 3,430-point plateau and it's poised to extend its gains on Tuesday.
The global forecast for the Asian markets is cautiously optimistic, with technology stocks expected to lead the way higher. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The STI finished modestly higher on Monday following gains from the financial shares and industrials, while the properties were mixed.
For the day, the index added 18.30 points or 0.54 percent to finish at 3,431.99 after trading between 3,408.34 and 3,433.57.
Among the actives, City Developments climbed 1.16 percent, while Comfort DelGro gained 0.68 percent, DBS Group spiked 1.57 percent, Genting Singapore rallied 1.22 percent, Hongkong Land skidded 0.98 percent, Keppel Corp fell 0.46 percent, Mapletree Commercial Trust rose 0.53 percent, Mapletree Logistics Trust improved 0.54 percent, Oversea-Chinese Banking Corporation increased 0.49 percent, SATS surged 3.30 percent, SembCorp Industries jumped 1.49 percent, Singapore Airlines added 0.73 percent, Singapore Exchange lost 0.51 percent, Singapore Technologies Engineering was up 0.24 percent, Thai Beverage slumped 0.71 percent, United Overseas Bank collected 0.72 percent, Wilmar International advanced 0.83 percent, Yangzijiang Shipbuilding soared 2.05 percent and Ascendas REIT, CapitaLand Integrated Commercial Trust, Dairy Farm International, Singapore Press Holdings and SingTel were unchanged.
The lead from Wall Street is positive as the major averages shook off early sluggishness and picked up steam later in the day, ending near session highs.
The Dow advanced 94.65 points or 0.27 percent to finish at 34,955.89, while the NASDAQ surged 185.60 points or 1.31 percent to close at 14,354.90 and the S&P 500 gained 32.46 points or 0.71 percent to end at 4,575.52.
The late rally on Wall Street was fueled largely by technology stocks, despite the rising prospects of aggressive monetary tightening by the Federal Reserve to rein in inflation.
In geopolitical news, Russia and Ukraine are set to resume diplomatic talks later today in Turkey. Russia has reportedly signaled that it may scale down its war and aims to concentrate on eastern Ukraine.
West Texas Intermediate Crude oil futures for May ended down by $7.94 or 7 percent at $105.96 a barrel.