logo
  

Singapore Bourse Expected To Crack Resistance At 3,200 Points

The Singapore stock market has climbed higher in three straight sessions, collecting almost 65 points or 2 percent along the way. The Straits Times Index now sits just beneath the 3,175-point plateau and it's likely to add to its winnings again on Monday.

The global forecast for the Asian markets is upbeat on solid earnings news and continued support from crude oil prices. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The STI finished modestly higher on Friday following gains from the industrials and properties and a mixed picture from the financials.

For the day, the index gained 9.05 points or 0.29 percent to finish at 3,173.91 after trading between 3,170.17 and 3,186.34. Volume was 1.8 billion shares worth 1.3 billion Singapore dollars. There were 298 gainers and 188 decliners.

Among the actives, Ascendas REIT advanced 0.33 percent, while CapitaLand Integrated Commercial Trust rallied 0.94 percent, City Developments was up 0.14 percent, Comfort DelGro gathered 0.63 percent, Dairy Farm International dropped 0.28 percent, DBS Group eased 0.03 percent, Genting Singapore surged 1.92 percent, Hongkong Land spiked 1.41 percent, Jardine Cycle plunged 2.58 percent, Keppel Corp soared 1.85 percent, Mapletree Commercial Trust perked 0.47 percent, Mapletree Logistics Trust climbed 1.01 percent, Oversea-Chinese Banking Corporation dipped 0.08 percent, SATS and Wilmar International both lost 0.23 percent, SembCorp Industries jumped 1.03 percent, Singapore Exchange rose 0.21 percent, Singapore Press Holdings sank 0.50 percent, Singapore Technologies Engineering shed 0.26 percent, Thai Beverage improved 0.70 percent, United Overseas Bank collected 0.41 percent and Yangzijiang Shipbuilding, Singapore Airlines, SingTel and CapitaLand were unchanged.

The lead from Wall Street is broadly positive as the major averages opened solidly in the green on Friday and remained that way throughout the session.

The Dow surged 382.20 points or 1.09 percent to finish at 35,294.76, while the NASDAQ jumped 73.91 points or 0.50 percent to close at 14,897.34 and the S&P rose 33.11 points or 0.75 percent to end at 4,471.37. For the week, the Dow added 1.6 percent, the NASDAQ rose 2.2 percent and the S&P gained 1.8 percent.

Another batch of upbeat earnings news fueled the rally, led by financial giant Goldman Sachs (GS) and aluminum producer Alcoa (AA), among others.

Buying interest was also generated in reaction to a report from the Commerce Department showing an unexpected increase in U.S. retail sales in September. Also, the Labor Department said import prices in the U.S. increased less than expected last month.

Crude oil futures settled notably higher Friday after the International Energy Agency said oil demand is likely to increase significantly due to the energy crunch supporting prices. West Texas Intermediate Crude oil futures for November rose $0.97 or 1.2 percent at $82.28 a barrel. For the week, WTI Crude oil futures gained 3.7 percent, surging for the eighth straight week.

Closer to home, Singapore will release September numbers for non-oil domestic exports later this morning, with forecasts suggesting an increase of 0.6 percent on month and 8.5 percent on year. That follows the 3.6 percent monthly decline and the 2.7 percent yearly gain in August.

For comments and feedback contact: editorial@rttnews.com

Follow RTT