Oil rally, Dow futures rise lift market

A RALLY in oil to above US$50 per barrel and a 90-point rise in the Dow futures helped stimulate trading in Singapore on Tuesday, with the Straits Times Index (STI) managing an 8.68-point rise to 3,338.2.

Turnover at 2.7 billion units worth S$1.3 billion was decent enough given that it was above the broking industry's ballpark breakeven average of US$1 billion, and the broad market excluding warrants chalked up 250 rises versus 191 falls. Oil and gas components within the STI ended firmer, led by Keppel Corp's S$0.07 rise to S$6.48 which came with 2.7 million shares traded. Sembcorp Marine and Sembcorp Industries also closed with gains, albeit marginal.

Shares in Singapore Airlines (SIA) rose S$0.10 to S$10.49xd on volume of 3.2 million shares. In its "hold'' on the stock, OCBC Investment Research said although the national carrier managed a 69.7 per cent rise in core first-quarter profit after tax and minority interests (Patmi) to S$62.1 million, competition remains intense.