The Singapore stock market has seen a positive trajectory over the past two sessions, gaining approximately 15 points, equivalent to a 0.4 percent increase. The Straits Times Index (STI) is now positioned slightly above the 3,800-point mark, with further gains anticipated as the new trading week begins on Monday.
The outlook for Asian markets remains optimistic, largely driven by prospective growth in technology and oil sectors. Although European markets experienced a decline, the U.S. demonstrated upward momentum, and Asian markets are expected to align with this latter trend.
The Straits Times Index ended barely higher on Friday; gains in the property and industrial sectors were somewhat offset by weaknesses in the financial sector. On that day, the index ticked up by 1.02 points, or 0.03 percent, concluding at 3,801.03, after fluctuating between 3,792.20 and 3,821.73.
Among the actively traded stocks, CapitaLand Integrated Commercial Trust rose by 1.03 percent, CapitaLand Investment saw an increase of 1.13 percent, and City Developments surged by 1.37 percent. Comfort DelGro also posted a gain of 0.68 percent. Meanwhile, DBS Group dipped by 0.77 percent, and Genting Singapore fell by 0.65 percent. Hongkong Land saw an uptick of 0.45 percent, Keppel DC REIT advanced by 0.90 percent, and Keppel Ltd edged up 0.15 percent. Mapletree Pan Asia Commercial Trust soared 1.64 percent, Mapletree Industrial Trust accelerated by 1.34 percent, and both Mapletree Logistics Trust and UOL Group improved by 0.78 percent each. Oversea-Chinese Banking Corporation experienced a 0.42 percent loss. SATS jumped by 1.10 percent while Seatrium Limited saw a significant increase of 5.80 percent. SembCorp Industries gained 0.54 percent, Singapore Technologies Engineering strengthened by 1.08 percent, Thai Beverage surged by 1.79 percent, and Wilmar International added 0.65 percent. Yangzijiang Shipbuilding increased by 0.34 percent, while Yangzijiang Financial, SingTel, Emperador, and DFI Retail Group remained unchanged.
Wall Street's performance on Friday was encouraging as major indices exhibited growth, finishing the day near their session highs. The Dow climbed 339.83 points or 0.80 percent to close at 42,732.13. The NASDAQ rallied 340.88 points or 1.77 percent to end at 19,621.68, and the S&P 500 increased by 73.92 points or 1.26 percent to conclude at 5,942.47.
For the week, which included a holiday break, the Dow decreased by 0.6 percent, while both the NASDAQ and the S&P 500 saw declines of 0.5 percent. Wall Street's strength was partly attributed to traders looking to acquire stocks at lower prices following recent market weaknesses. Some traders were also absent due to the New Year's Day holiday on Wednesday.
In U.S. economic news, the Institute for Supply Management reported that manufacturing activity continued to contract in December, albeit at a slower pace.
Oil prices saw a rise on Friday. Optimism around demand prospects was fueled by recent data indicating a reduction in U.S. crude inventories. West Texas Intermediate Crude oil futures for February closed $0.83 higher, or up 1.13 percent, at $73.96 per barrel.
The material has been provided by InstaForex Company -
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