Singapore Stock Market Tipped To Rebound On Monday

The Singapore stock market on Friday snapped the two-day winning streak in which it had advanced almost 50 points or 1.6 percent. The Straits Times Index now sits just beneath the 3,160-point plateau although it may bounce higher again on Monday.

The global forecast for the Asian markets is upbeat, with support expected from oil, technology and utility stocks. The European and U.S. markets were firmly higher and the Asian markets are tipped to open in similar fashion.

The STI finished barely lower on Friday following gains from the financials, weakness from the properties and a mixed performance from the industrials.

For the day, the index eased 2.21 points or 0.07 percent to finish at 3,157.05 after trading between 3,149.02 and 3,165.75. Volume was 1.31 billion shares worth 792.3 million Singapore dollars. There were 256 decliners and 215 gainers.

Among the actives, Ascendas REIT gained 0.33 percent, CapitaLand plunged 1.23 percent, City Developments eased 0.15 percent, Comfort DelGro advanced 0.64 percent, Dairy Farm International shed 0.25 percent, DBS Group was up 0.03 percent, Genting Singapore added 0.62 percent, Keppel Corp tanked 0.93 percent, Mapletree Commercial Trust and Mapletree Logistics Trust both sank 0.47 percent, Singapore Airlines tumbled 0.81 percent, Singapore Exchange rose 0.08 percent, Singapore Press Holdings soared 2.21 percent, Singapore Technologies Engineering retreated 0.50 percent, SingTel fell 0.44 percent, Thai Beverage skidded 0.75 percent, United Overseas Bank collected 0.35 percent, Wilmar International lost 0.2 percent, Yangzijiang Shipbuilding surged 2.92 percent and CapitaLand Integrated Commercial Trust, SATS, SembCorp Industries and Oversea-Chinese Banking Corporation were unchanged.

The lead from Wall Street is firm as the major averages opened higher on Friday and picked up steam as the day progressed, accelerating to fresh record closing highs.

The Dow jumped 238.20 points or 0.68 percent to finish at 35,061.55, while the NASDAQ climbed 152.39 points or 1.04 percent to end at 14,836.99 and the S&P 500 gained 44.31 points or 1.01 percent to close at 4,411.79. For the week, the Dow jumped 1.1 percent, the NASDAQ spiked 2.8 percent and the S&P rose 2 percent.

The four-day winning streak represents a remarkable turnaround for the markets following the sell-off on Monday, which dragged the major averages down to their lowest closing levels in almost a month.

The continued strength on Wall Street reflected a positive reaction to upbeat earnings news from several big-name companies, including Snap (SNAP), Twitter (TWTR) and American Express (AXP), although Intel (INTC) disappointed.

Crude oil futures settled modestly higher Friday, extending gains to a fourth straight session on hopes demand will see a significant increase in coming months. West Texas Intermediate Crude oil futures for September ended up by $0.16 or 0.2 percent at $72.07 a barrel. WTI Crude futures gained 0.4 percent in the week.

Closer to home, Singapore will provide June numbers for industrial production later today; in May, output was up 7.2 percent on month and 30.0 percent on year.

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