The Singapore stock market has closed higher now in seven straight trading days, rising more than 120 points or 4.3 percent along the way. The Straits Times Index finished just above the 2,915-point plateau, although now analysts are calling for contraction at the opening of trade on Monday.
The global forecast for the Asian markets suggests a mild withdrawal following uninspired gross domestic product figures from the United States and lingering debt concerns from Europe. Some of the regional bourses are ripe for profit-taking, adding to the cautious sentiment while prompting support for gold as a safe haven. The European markets finished lower on Friday and the U.S. bourses were mixed but little changed - and the Asian markets are also expected to slide.
The STI finished modestly higher on Friday following gains from the financial shares and industrial issues.
For the day, the index jumped 21.83 points or 0.75 percent to finish at 2,916.26 after trading between 2,888.28 and 2,916.29. Volume was 1.56 billion shares worth 1.31 billion Singapore dollars. There were 286 gainers and 110 decliners.
Among the actives, Keppel Corporation added 0.8 percent, Mapletree Industrial Trust jumped 1.9 percent and Jardine Cycle and Carriage collected 0.9 percent, while Jardine Matheson dropped 0.8 percent and Ascott Residence Trust shed 3.4 percent.
Wall Street puts forth little guidance as stocks were lackluster on Friday with traders digesting weaker than expected U.S. economic growth in the final three months of last year.
Before the start of trading, the Commerce Department said GDP increased at an annual rate of 2.8 percent in the fourth quarter compared to the 1.8 percent growth seen in the third quarter - but shy of expectations for an increase of 3.1 percent. Economists were also disappointed that much of the GDP growth in the fourth quarter was due to a positive contribution from private inventory investment.
However, Reuters and the University of Michigan said their consumer sentiment index for January was upwardly revised to a reading of 75.0 from the mid-month reading of 74.0, coming in well above the final December reading of 69.9. The revised reading also marked an eleven-month high for the consumer sentiment index, which is at its best level since coming in at 77.5 last February.
Among individual stocks, auto giant Ford (F) fell by 4.2 percent after reporting weaker than expected fourth quarter earnings due to weakness overseas. Procter & Gamble (PG) also ended the day in the red after the consumer products giant reported a sharp drop in fourth quarter earnings and lowered its full-year earnings guidance.
Meanwhile, Honeywell (HON) rose by 0.8 percent after reporting fourth quarter earnings that came in just above analyst estimates on revenues that came in slightly below expectations.
The major averages eventually ended the session mixed, with the tech-heavy NASDAQ closing in positive territory. The NASDAQ rose 11.27 points or 0.4 percent to 2,816.55, while the Dow fell 74.17 points or 0.6 percent to 12,660.46 and the S&P 500 slipped 2.11 points or 0.2 percent to 1,316.32. For the week, the major averages also turned in a mixed performance. While the Dow fell by 0.5 percent, the NASDAQ advanced by 1.1 percent and the S&P 500 edged up by 0.1 percent.
In economic news, Singapore's import price index increased 5.2 percent on an annual basis in December, the Department of Statistics said on Friday, slower than the 7.5 percent growth in November. Month-on-month, import prices declined 0.5 percent in December, following the previous month's 1 percent increase. At the same time, export prices slowed to 3.8 percent in December from 5.1 percent in the previous month. On a monthly basis, export prices dropped 0.2 percent, reversing November's 0.7 percent rise.
Also, Singapore's output price index rose 5.3 percent year-on-year, the Department of Statistics said on Friday, slower than the 7.9 percent gain in November. On a monthly basis, manufactured product prices remained unchanged in December, following the 0.2 percent decline in November. Compared to a year ago, manufactured products prices went up 5.3 percent in 2011, higher than the 1.7 percent rise in 2010. For all of 2011, growth in domestic supply prices accelerated to 8.4 percent from 4.7 percent in 2010.
Finally, Singapore's private house price growth slowed for the ninth straight quarter, the Urban Redevelopment Authority said on Friday. Prices of private residential properties rose 0.2 percent sequentially, the smallest increase since the third quarter of 2009 and down from the 1.3 percent increase seen in the third quarter of 2011. For all of 2011, prices of private residential properties increased 5.9 percent, significantly slower than the 17.6 percent growth in 2010.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.