The Singapore stock market has finished higher in consecutive trading days, collecting almost 40 points or 1.2 percent along the way. The Straits Times Index now rests just beneath the 3,320-point plateau and it's looking at another green light on Monday.
The global forecast for the Asian markets is upbeat thanks to positive economic news and a jump in crude oil prices. The European markets were mixed and the U.S. bourses were higher - and the Asian markets figure to follow the latter lead.
The STI finished modestly higher on Friday following gains from the industrials, while the properties, financials and plantations came in mixed.
For the day, the index advanced 16.02 points or 0.49 percent to finish at 3,319.11 after trading between 3,303.30 and 3,326.67. Volume was 2 billion shares worth 1.3 billion Singapore dollars. There were 271 gainers and 183 decliners.
Among the actives, Keppel Corp surged 4.12 percent, while City Developments soared 3.69 percent, CapitaLand Commercial Trust spiked 2.14 percent, Yangzijiang Shipbuilding climbed 1.69 percent, SembCorp Industries jumped 1.57 percent, CapitaLand advanced 1.36 percent, Golden Agri-Resources gathered 1.32 percent, Hutchison Port Holdings perked 1.15 percent, SingTel added 0.54 percent, Thai Beverage skidded 0.53 percent, DBS Group shed 0.46 percent, Wilmar International and Global Logistic Properties both lost 0.30 percent and Oversea-Chinese Banking Corporation collected 0.26 percent.
The lead from Wall Street is firm as stocks moved higher on Friday, offsetting the pullback from a day earlier - and sending the Dow and the NASDAQ to fresh record closing highs.
The Dow crept up 30.71 points or 0.13 percent to 22,871.72, while the NASDAQ rose 14.29 points or 0.22 percent to 6,605.80 and the S&P 500 was up 2.24 points or 0.09 percent to 2,553.17. For the week, the Dow climbed 0.4 percent, while the NASDAQ and the S&P both added 0.2 percent.
The support was largely data-driven following the release of upbeat economic data, including a Commerce Department report showing a spike in retail sales in September.
The University of Michigan also noted a gain in consumer sentiment in October, while the Labor Department said consumer prices increased less than expected in September.
In earnings news, Bank of America (BAC) reported Q3 results that beat estimates, but Wells Fargo (WFC) reported revenues that missed expectations.
Crude oil futures rallied Friday amid hopes for strong demand from the U.S. and China. November WTI oil climbed 85 cents or 1.7 percent to $51.45/bbl on Nymex, having picked up 4 percent for the week.
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