Shutterstock photo(RTTNews.com) - The Singapore stock market bounced higher again on Friday, one session after it had snapped the four-day winning streak in which it had advanced more than 85 points or 2.7 percent. The Straits Times Index now rests just above the 3,440-point plateau and it may add to its winnings on Monday.
The global forecast for the Asian markets suggests mild upside, thanks to a jump in crude oil prices. The European markets were mostly in the green and the U.S. bourses ended slightly higher - and the Asian markets also figure to tick higher.
The STI finished modestly higher on Friday following gains from the financials, properties and industrials.
Among the actives, Thai Beverage surged 3.19 percent, while Keppel Corp spiked 2.11 percent, Comfort DelGro plunged 1.92 percent, DBS Group climbed 1.54 percent, Genting Singapore jumped 1.47 percent, SembCorp Industries advanced 1.30 percent, Hutchison Port Holdings skidded 1.19 percent, CapitaLand Commercial Trust gathered 1.09 percent, Oversea-Chinese Banking Corporation collected 0.67 percent, CapitaLand Mall Trust added 0.49 percent, Wilmar International gained 0.32 percent, SingTel fell 0.27 percent and CapitaLand, Global Logistic Properties, Golden Agri-Resources and Yangzijiang Shipbuilding all were unchanged.
The lead from Wall Street is cautiously optimistic as stocks saw modest strength in an abbreviated trading session on Friday, following the Thanksgiving holiday a day earlier.
The Dow added 31.81 points or 0.14 percent to 23,557.99, while the NASDAQ climbed 21.80 points or 0.32 percent to 6,889.16 and the S&P 500 rose 5.34 points or 0.21 percent to 2,602.42. For the week, the NASDAQ surged 1.6 percent, while the Dow and the S&P both gained 0.9 percent.
The strength on Wall Street reflected recent upward momentum, which has propelled to stocks to new record highs. Activity was subdued, however, as many traders remained away following the holiday.
Despite the advance shown by the broader markets, most of the major sectors showed only modest moves. Semiconductor and internet stocks saw some strength, while gold stocks moved to the downside along with the price of the precious metal.
Crude oil futures jumped to their highest in two years Friday amid supply interruptions in North America and expectations that OPEC will extend its output cuts through 2018. January oil ended up 93 cents or 1.6 percent to $58.95/bbl in thin trade.
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