(RTTNews) - The Singapore stock market on Friday snapped the two-day slide in which it had fallen more than 20 points or 0.7 percent. The Straits Times Index now rests just beneath the 3,115-point plateau and it's expected to extend its gains on Monday.
The global forecast for the Asian markets is upbeat on growing optimism over an end to the trade dispute between the United States and China. The European and U.S. markets were sharply higher on Friday and the Asian markets are expected to open in similar fashion.
The STI finished modestly higher on Friday following gains from the financial shares, property stocks and industrial issues.
For the day, the index climbed 24.49 points or 0.79 percent to finish at 3,113.97 after trading between 3,098.90 and 3,115.78. Volume was 1.3 billion shares worth 924.72 million Singapore dollars. There were 273 gainers and 122 decliners.
Among the actives, Yangzijiang Shipbuilding surged 3,74 percent, while CapitaLand Mall Trust soared 2.30 percent, Thai Beverage plummeted 2.26 percent, Singapore Exchange spiked 2.19 percent, United Overseas Bank accelerated 1.69 percent, CapitaLand jumped 1.42 percent, Keppel Corp climbed 1.19 percent, Genting Singapore gathered 1.11 percent, Singapore Press Holdings perked 0.94 percent, Oversea-Chinese Banking Corporation advanced 0.85 percent, DBS Group collected 0.77 percent, Ascendas REIT added 0.63 percent, CapitaLand Commercial Trust gained 0.49 percent, SembCorp Industries rose 0.48 percent, Mapletree Commercial Trust was up 0.43 percent and Golden Agri-Resources and Comfort DelGro were unchanged.
The lead from Wall Street is broadly positive as stocks moved sharply higher on Friday, extending recent gains.
The Dow jumped 319.92 points or 1.21 percent to finish at 26,816.59, while the NASDAQ spiked 106.26 points or 1.34 percent to 8,057.04 and the S&P 500 climbed 32.14 points or 1.09 percent to 2,970.27. For the week, the Dow and NASDAQ rose 0.9 percent, while the S&P added 0.6 percent.
The rally on Wall Street came as traders expressed continued optimism about U.S.-China trade talks, with President Donald Trump announcing late in the trading day that the two economic powers have reached a "very substantial phase one deal."
Trump said the agreement would take about three weeks to write and would likely be signed by both sides by the Asia-Pacific Economic Cooperation summit in Chile in November.
Crude oil prices rose sharply on Friday on supply concerns after an Iranian oil tanker exploded in the Red Sea after being hit by missiles launched from Saudi Arabia. West Texas Intermediate crude oil futures for November ended up $1.15 or 2.2 percent at $54.70 a barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.