Singapore Shares May See Additional Support
(RTTNews) - The Singapore stock market has finished higher in three consecutive trading days, advancing more than 50 points or 1.6 percent along the way. The Straits Times Index now rests just above the 3,210-point plateau and it's looking at another positive lead on Monday.
The global forecast for the Asian markets is positive on trade deal news, although it may already be largely priced in. The European and U.S. markets were up on Friday and now the Asian bourses are tipped to at least open in similar fashion.
The STI finished modestly higher on Friday as gains from the financials and industrials were capped by weakness from the property sector.
For the day, the index picked up 19.38 points or 0.61 percent to finish at 3,214.05 after trading between 3,205.97 and 3,223.45. Volume was 1.28 billion shares worth 1.39 billion Singapore dollars. There were 225 gainers and 160 decliners.
Among the actives, Venture Corporation surged 3.79 percent, while Yangzijiang Shipbuilding soared 3.67 percent, Ascendas REIT plummeted 2.68 percent, United Overseas Bank spiked 2.05 percent, CapitaLand Mall Trust plunged 1.63 percent, Singapore Exchange tumbled 1.31 percent, DBS Group accelerated 1.25 percent, Oversea-Chinese Banking Corporation collected 1.11 percent, Thai Beverage jumped 1.10 percent, CapitaLand Commercial Trust skidded 1.01 percent, SembCorp Industries climbed 0.89 percent, Mapletree Commercial Trust dropped 0.88 percent, Comfort DelGro sank 0.82 percent, CapitaLand shed 0.81 percent, Genting Singapore lost 0.53 percent, Keppel Corp rose 0.15 percent and Wilmar International, Singapore Technologies Engineering, SingTel and Golden Agri-Resources 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 closing roughly flat.
The Dow added 3.33 points or 0.01 percent to 28,135.38, while the NASDAQ gained 17.56 points or 0.20 percent to 8,734.88 and the S&P 500 rose 0.23 points or 0.01 percent to 3,168.80. For the week, the Dow added 0.4 percent, the NASDAQ climbed 0.9 percent and the S&P rose 0.7 percent.
The choppy trading on Wall Street as U.S. and Chinese officials announced a long-awaited agreement on a phase one trade deal. Traders breathed a sigh of relief but seemed reluctant to make more significant moves amid a lack of clarity about the details of the agreement.
Optimism that the U.S. and China would eventually reach an agreement has helped prop up the markets in recent months, and traders may be wary of pushing stocks higher now that the deal is finally almost done.
Crude oil prices moved higher Friday, as worries about the outlook for energy demand subsided on reports pf progress in a trade deal between the U.S. and China. West Texas Intermediate Crude oil futures for January ended up $0.89 or 1.5 percent at $60.07 a barrel, the highest since mid-September.
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