(RTTNews) - The winning streak for the Singapore stock market has stretched to three sessions, putting on more than 85 points or 3.5 percent in that span. The Straits Times Index closed just below the 2,650-point plateau, and now investors are looking for the market to creep above that level when it kicks off trade on Tuesday.

The global forecast for the Asian markets is fairly upbeat, although it is less conclusive than usual, since the U.S. markets were closed for Labor Day. Commodities are moving modestly higher, although oil is in a holding pattern ahead of the OPEC meeting later this week. There is some residual positive momentum from gains in China on Monday, while the European bourses were sharply higher - and now the Asian markets are tipped also to move higher.

The STI finished modestly higher on Monday, thanks to solid gains among the financials - while the airlines and telecoms also ended higher.

For the day, the index collected 21.26 points or 0.81 percent to finish at the daily high of 2,643.95 after dipping as low as 2,615.05. Volume was 2.39 billion shares worth 1.46 billion Singapore dollars. There were 334 gainers and 221 decliners, with 700 stocks finishing unchanged.

Among the gainers, United Overseas Bank, DBS Group Holdings, Oversea-Chinese Banking Corp, Singapore Airlines and Singapore Telecommunications all finished higher.

There is no lead from Wall Street, but the European markets rose for the second day on Monday as British confectioner Cadbury led food and beverage stocks higher after rejecting a �10.2 billion offer from Kraft Foods.

The markets also got a boost after Finance Ministers and Central Bank Governors of G-20 countries, in a joint statement at the conclusion of the two-day meeting in London, reiterated that the fiscal and monetary policy will continue to be “expansionary” for some more time to come in an effort to minimize or eliminate the chances of a double-dip recession.

Banking stocks also gained. HSBC, Europe’s largest bank, rose 1 percent, while Barclays, Britain’s third largest bank, surged up 2.2 and BNP Paribas, France’s biggest lender, added 1.2 percent. Deutsche Bank, Germany’s largest bank, gained 1 percent.

The FTSEurofirst 300 index of pan-European blue chips closed 1.40 percent higher at 975.90 points, while the narrower DJ Stoxx 50 index rose 1.04 percent to 2,408.58 points. Around Europe, the U.K.’s FTSE 100 index climbed 1.68 percent to 4,933.18, while France’s CAC 40 index surged 1.50 percent to 3,652.83 and Germany’s DAX index rose 1.47 percent to 5,463.51.

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Posted in Categories: Eurozone, Releases, Stocks, UK, USA.

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