Stewart headed into the final on the back of an impressive semifinal victory on Friday.
The 27 year old got off to a strong start and lead the field at the 250 metre mark. Stewart extended his lead to open up a boat length lead at the half way mark.
German Max Hoff then made his move in the third 250 before overtaking Stewart in the closing stages to win in 3:36.761, 1.530 seconds ahead of Stewart.
Racing a different strategy to the remainder of the field, Wallace started slowly and trailed the field for the majority of the race before powering home like only Wallace can to win his fifth medal of the World Cup series.
Wallace produced a 48 second final 250 metres to trail Hoff by 1.914 seconds.
It was Hoff’s third consecutive World Cup gold medal.
Earlier in the morning Ken’s younger sister Bernadette Wallace finished fifth in the women’s K1 500 B final.
Fellow Queenslander Alyce Burnett finished fifth in the K1 500 C Final.
The K4 1000 men are up next at 7:48pm AEST.
More to follow shortly.
Still to come tonight (AEST):
7:48pm – K4 1000 A Final (Tate Smith/David Smith/Murray Stewart/Jacob Clear)
10:00pm – K4 500 W Heat 1 (Alyce Burnett/Bernadette Wallace/Jaime Roberts/Cat McArthur)
10:25pm – K1 200 Heat 1 (Lachlan Tame)
10:30pm – K1 200 Heat 2 (Brodie Holmes)
11:25pm – K1 200 W Heat 4 (Jo Brigden-Jones)
11:35pm – K2 200 Heat 1 (Jesse Phillips/Steve Bird)
Semifinals commence from 1:00am AEST.