Singapore Stock Exchange to Add to Friday’s Gains


(RTTNews) – Singapore stock has ended higher in two of three trading days since the end of the three-day decline in which it fell nearly 60 points or 1.9%. The Straits Times Index now sits just above the 3,100 point plateau and is considering another green light for Monday’s trading.

Global forecasts for Asian markets are positive, although the rise in tech stocks may be tempered by weakness in oil companies. The European and US markets were up and Asian stock exchanges are expected to open similarly.

The STI ended slightly higher on Friday following gains in financials and real estate stocks.

For the day, the index added 15.78 points or 0.51% to end at 3,102.75 after trading between 3,099.67 and 3,115.82.

Among assets, CapitaLand rose 1.76%, while CapitaLand Integrated Commercial Trust fell 0.48%, City Developments rose 0.29%, Comfort DelGro fell 1.23%, Dairy Farm International rose 1.77%, DBS Group rose 0.80%, Genting Singapore rose 0.62%, Keppel Corp rose 0.58%, Mapletree Commercial Trust and Mapletree Logistics Trust both rose 0.97%, Oversea-Chinese Banking Corporation rose 0.09%, SATS jumped 2.99%, SembCorp Industries accelerated 1.56%, Singapore Airlines jumped 1.41%, Singapore Exchange a decreased 0.09%, Singapore Press Holdings gained 0.53%, Singapore Technologies Engineering lost 0.26%, SingTel gained 0.84%, United Overseas Bank gained 0.70%, Wilmar International increased by 0.47%, Yangzijiang Shipbuilding sank 0.69% and Ascendas REIT and Thai Beverage remained unchanged.

Wall Street’s lead is solid as major averages opened firmly to the upside on Friday and stayed that way throughout the session.

The Dow Jones jumped 225.98 points or 0.65% to close at 35,120.08, while the NASDAQ climbed 172.86 points or 1.19% to end at 14,714.66 and the S&P 500 climbed 35.87 points or 0.81% to close at 4,441.67. For the week, the Dow Jones lost 1.1%, the NASDAQ slipped 0.7% and the S&P fell 0.6%.

With the bullish movement, stocks are gaining ground after the sharp decline at the start of the week. Major averages fell to their lowest levels in nearly a month amid concerns about the outlook for monetary policy following the release of the minutes of the last Federal Reserve meeting.

But tech stocks have helped markets rally, especially among software and biotech stocks.

Crude oil futures fell on Friday amid concerns about the outlook for energy demand amid spikes in coronavirus cases and possible new restrictions in several countries. West Texas Intermediate crude oil futures for September ended down $ 1.37 or 2.2% at $ 62.32 a barrel.

Closer to home, Singapore will release July figures for consumer prices later today; in June, headline inflation was stable over one month and up 2.4% year on year, while core CPI rose 0.6% year on year.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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