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Little Movement Expected For Singapore Bourse

The Singapore stock market bounced higher again on Friday, one session after it had halted the two-day winning streak in which it had added more than 15 points or 0.4 percent. The Straits Times Index now rests just above the 3,570-point plateau and it's expected to remain in that neighborhood again on Monday.

The global forecast for the Asian markets is inconclusive after a fall in crude oil prices. The European and U.S. markets were mixed and flat, and the Asian bourses figure to follow suit.

The STI finished modestly higher on Friday following gains from the financial shares, property stocks and industrials.

For the day, the index advanced 32.58 points or 0.92 percent to finish at 3,570.17 after trading between 3,541.17 and 3,576.18. Volume was 1.9 billion shares worth 1.4 billion Singapore dollars. There were 243 gainers and 143 decliners.

Among the actives, Genting Singapore skyrocketed 10.34 percent, while United Overseas Bank surged 2.28 percent, DBS Group soared 2.18 percent, Wilmar International tumbled 1.56 percent, Ascendas REIT spiked 1.14 percent, CapitaLand Mall Trust jumped 0.96 percent, SingTel climbed 0.85 percent, Keppel Corp advanced 0.73 percent, CapitaLand Commercial Trust perked 0.57 percent, Comfort DelGro dropped 0.43 percent, SembCorp Industries added 0.32 percent, Oversea-Chinese Banking Corporation collected 0.08 percent and Hutchison Port Holdings, Golden Agri-Resources, Thai Beverage and Yangzijiang Shipbuilding all were unchanged.

The lead from Wall Street is cautiously optimistic as stocks were lackluster on Friday, bouncing back and forth across the unchanged line before ending mostly higher.

The Dow climbed 91.64 points or 0.37 percent to 24,831.17, the NASDAQ fell 2.09 points or 0.03 percent to 7,402.88 and the S&P 500 rose 4.65 points or 0.17 percent to 2,727.72. For the week, the NASDAQ surged 2.7 percent, Dow jumped 2.3 percent and the S&P 500 spiked 2.4 percent.

The markets initially benefited from the upward momentum in the two previous sessions, but buying interest waned as the day progressed.

Traders also digested President Donald Trump's outline of his plan to reduce high drug prices, which he has previously described as a top priority for his administration.

In economic news, the Labor Department said import prices increased less than expected in April, while export prices gained more than expected. Also, the University of Michigan said consumer sentiment held steady in early May.

Crude oil futures fell Friday amid signs that U.S. production will remain robust. June WTI oil fell 66 cents or 0.9 percent to settle at $70.70/bbl. Prices were up 1.4 percent for the week.

by RTTNews Staff Writer

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