logo
Plus   Neg
Share
Email

Singapore Stock Market Predicted To See Higher Open

The Singapore stock market has finished higher in three straight sessions, advancing more than 50 points or 1.6 percent along the way. The Straits Times Index now rests just above the 3,160-point plateau and it may add to its winnings on Monday.

The global forecast for the Asian markets is flat to slightly higher, mainly on the back of an upward tick in crude oil prices. The European markets were up and the U.S. bourses were mixed but little changes and the Asian markets figure to split the difference.

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

For the day, the index jumped 29.65 points or 0.95 percent to finish at 3,161.42 after trading between 3,142.96 and 3,163.85. Volume was 1.4 billion shares worth 924.8 million Singapore dollars. There were 215 gainers and 159 decliners.

Among the actives, Singapore Technologies skyrocketed 7.29 percent, while Yangzijiang Shipbuilding surged 2.75 percent, Thai Beverage soared 2.42 percent, CapitaLand Commercial Trust spiked 1.72 percent, DBS Group jumped 1.30 percent, SingTel climbed 1.29 percent, CapitaLand advanced 1.22 percent, SembCorp tumbled 1.03 percent, Genting Singapore added 0.97 percent, United Overseas Bank and Singapore Airlines both gained 0.84 percent, Ascendas REIT gathered 0.78 percent, Wilmar International perked 0.63 percent, Oversea-Chinese Banking Corporation collected 0.27 percent and Hutchison Port Holdings, Golden Agri-Resources and Keppel Corp were unchanged.

The lead from Wall Street is unclear as stocks fluctuated on Friday before ending little changed and on opposite sides of the unchanged line.

The Dow added 8.68 points or 0.03 percent to 26,154.67, while the NASDAQ fell 3.67 points or 0.05 percent to 8,010.04 and the S&P added 0.80 points or 0.03 percent to 2,904.98. For the week, the Dow added 0.9 percent, the NASDAQ surged 1.4 percent and the S&P gained 1.2 percent.

The flat close on Wall Street came on reports that the U.S. will impose tariffs on an additional $200 billion worth of Chinese goods - despite other reports that the U.S. has proposed a new round of trade talks with China in the near future.

In economic news, the Commerce Department said retail sales were up less than expected in August. Also, the University of Michigan noted a bigger than expected improvement in consumer sentiment in September. Finally, the Federal Reserve said industrial production rose more than expected in August.

Crude oil prices edged higher on Friday on concerns of upcoming U.S. sanctions on Iranian oil. Crude oil futures for October delivery settled at $68.99 a barrel, up $0.40 or 0.6 percent. For the week, oil futures gained 1.8 percent.

For comments and feedback contact: editorial@rttnews.com

Follow RTT