Plus   Neg

Singapore Stock Market May Test Resistance At 3,200 Points

The Singapore stock market has finished higher in four straight sessions, climbing more than 45 points or 1.4 percent along the way. The Straits Times Index now rests just above the 3,165-point plateau and it's predicted to open higher again on Monday.

The global forecast for the Asian markets is positive on an improved outlook for interest rates and a surge in crude oil prices. The European and U.S. markets were up on Friday and the Asian markets are tipped to follow that lead.

The STI finished modestly higher on Friday following gains from the financials and plantations, while the property stocks were mixed.

For the day, the index advanced up 20.11 points or 0.64 percent to finish at the daily high of 3,166.29 after moving as low as 3,140.68. Volume was 544.66 million shares worth 801.75 million Singapore dollars. There were 209 gainers and 134 decliners.

Among the actives, City Developments surged 1.93 percent, while CapitaLand soared 1.87 percent, Keppel Corp spiked 1.68 percent, SembCorp Industrial jumped 1.29 percent, Thai Beverage tumbled 1.20 percent, United Overseas Bank climbed 1.13 percent, SingTel perked 0.92 percent, Wilmar International gathered 0.90 percent, CapitaLand Mall Trust sank 0.78 percent, Oversea-Chinese Banking Corporation collected 0.66 percent, DBS Group advanced 0.58 percent, Comfort DelGro dropped 0.40 percent, Ascendas REIT lost 0.34 percent and Hutchison Port Holdings, Golden Agri-Resources, CapitaLand Commercial Trust, Genting Singapore and Yangzijiang Shipbuilding all were unchanged.

The lead from Wall Street is solid as stocks extended recent gains, moving sharply higher on Friday.

The Dow climbed 263.28 points or 1.02 percent, while the NASDAQ spiked 126.55 points or 1.66 percent to 7,742.10 and the S&P 500 rose 29.85 points or 1.05 percent to 2,873.34. For the week, the Dow surged 4.7 percent, the NASDAQ jumped 3.9 percent and the S&P was up 4.4 percent.

The continued strength on Wall Street reflected optimism that disappointing U.S. jobs data could spur the Federal Reserve to lower interest rates in the near future. The Labor Department's closely watched monthly jobs report showed a substantial slowdown in the pace of U.S. job growth in May.

Stocks remained firmly positive after President Donald Trump said there is a good chance the U.S. and Mexico will reach an agreement to avert his threatened 5 percent tariff on all Mexican imports.

Crude oil futures ended sharply higher for a second straight session on Friday, amid signs OPEC will extend output cuts beyond June. West Texas Intermediate crude oil futures for July ended up $1.40 or 2.7 percent at $53.99 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT