1/29/2012 7:18 PM ET
(RTTNews) - 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.
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