(RTTNews) – The Singapore stock market has finished higher in two straight sessions, collecting almost 70 points or 1.4 percent along the way. The Straits Times Index now sits just above the 5,025-point plateau and it’s expected to extend its gains on Monday,
The global forecast for the Asian markets is cautiously optimistic on hopes for an end to the conflict in the Middle East. The European and U.S. markets were up and the Asian bourses 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 added 37.70 points or 0.76 percent to finish at 5,025.80 after trading between 4,995.83 and 5,045.28.
Among the actives, CapitaLand Ascendas REIT climbed 0.80 percent, while CapitaLand Integrated Commercial Trust gathered 0.43 percent, CapitaLand Investment advanced 0.79 percent, City Developments rallied 1.46 percent, DBS Group vaulted 1.02 percent, DFI Retail Group slumped 1.05 percent, Genting Singapore sank 0.82 percent, Hongkong Land surged 1.95 percent, Keppel DC REIT rose 0.44 percent, Keppel Ltd improved 0.57 percent, Mapletree Industrial Trust and Frasers Logistics & Commercial Trust both strengthened 1.03 percent, Mapletree Logistics Trust soared 1.67 percent, Oversea-Chinese Banking Corporation collected 0.69 percent, Seatrium Limited dropped 1.02 percent, Singapore Airlines accelerated 1.45 percent, Singapore Exchange spiked 1.48 percent, Singapore Technologies Engineering added 0.48 percent, SingTel gained 0.47 percent, Thai Beverage jumped 1.18 percent, United Overseas Bank perked 0.26 percent, UOL Group expanded 0.81 percent, Wilmar International increased 0.56 percent, Yangzijiang Shipbuilding shed 0.58 percent and Mapletree Pan Asia Commercial Trust, SATS and SembCorp Industries were unchanged.
The lead from Wall Street suggests mild upside as the major averages shook off early weakness on Friday before trending higher to finish firmly in the green.
The Dow jumped 353.51 points or 0.70 percent to finish at 51,202.26, while the NASDAQ added 79.18 points or 0.31 percent to close at 25,888.84 and the S&P 500 collected 37.16 points or 0.50 percent to end at 7,431.46.
Optimism about an end to the conflict in the Middle East contributed to continued strength on Wall Street, although traders seemed reluctant to make more significant moves amid conflicting comments from President Donald Trump.
Reports have indicated the U.S.-Iran memorandum of understanding calls for the Strait of Hormuz to be reopened immediately without tolls and for Iran to receive sanctions relief based on compliance.
Traders also kept an eye on shares of SpaceX (SPCX), with the rocket maker making its debut on the NASDAQ in the largest initial public offering (IPO) in history. SpaceX soared by 19.3 percent on the day.
Crude oil prices tumbled on Friday after Trump claimed that the Strait of Hormuz will reopen, resulting in waning supply disruption concerns. West Texas Intermediate crude for July delivery sank $2.86 or 3.26 percent at $84.85 per barrel.
Closer to home, Singapore will see preliminary Q2 data for unemployment later today; in the previous three months, the jobless rate was 2.1 percent.
