(RTTNews) – The Singapore stock market has moved higher in five straight sessions, improving more than 70 points or 1.8 percent along the way. The Straits Times Index now rests just above the 4,085-point plateau although investors figure to lock in gains on Monday.
The global forecast for the Asian markets is negative on lingering trade concerns. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The STI finished modestly higher on Friday following gains from the properties and mixed performances from the financial shares and industrials.
For the day, the index gained 12.11 points or 0.30 percent to finish at 4,087.81 after trading between 4,069.34 and 4,102.97.
Among the actives, CapitaLand Integrated Commercial Trust advanced 0.91 percent, while CapitaLand Investment and DBS Group both gained 0.37 percent, City Developments was up 0.18 percent, DFI Retail Group slumped 1.03 percent, Genting Singapore stumbled 1.35 percent, Hongkong Land added 0.48 percent, Keppel Ltd skidded 1.02 percent, Mapletree Pan Asia Commercial Trust improved 0.81 percent, Mapletree Industrial Trust dropped 0.99 percent, Oversea-Chinese Banking Corporation collected 0.90 percent, SATS lost 0.32 percent, SembCorp Industries declined 1.07 percent, Singapore Technologies Engineering retreated 1.34 percent, SingTel and Yangzijiang Shipbuilding both jumped 1.75 percent, United Overseas Bank rose 0.22 percent, UOL Group fell 0.30 percent, Venture Corporation climbed 1.19 percent, Wilmar International sank 0.67 percent, Yangzijiang Financial shed 0.57 percent and Keppel DC REIT, Thai Beverage, Seatrium Limited, Mapletree Logistics Trust , Comfort DelGro and CapitaLand Ascendas REIT were unchanged.
The lead from Wall Street is soft as the major averages opened lower on Friday and remained under water for almost the entire session.
The Dow dropped 279.09 points or 0.63 percent to finish at 44,371.51, while the NASDAQ sank 45.17 points or 0.22 percent to close at 20,585.53 and the S&P 500 lost 20.71 points or 0.33 percent to end at 6,259.75.
The weakness on Wall Street came amid renewed concerns about President Donald Trump’s escalating trade battles.
Overall trading activity was somewhat subdued, however, amidst a lack of major economic data and ahead of earnings season this coming week.
Crude oil rose sharply on Friday after the International Energy Agency upwardly revised its oil supply forecast and also buoyed by lingering geopolitical risks in the Middle East. West Texas Intermediate crude for August delivery closed up $1.88 to settle at $68.45 per barrel.
Closer to home, Singapore will provide preliminary Q2 numbers for gross domestic product later this morning, with forecasts suggesting an increase of 0.7 percent on quarter and 3.5 percent on year. That follows the 0.6 percent quarterly contraction and the 3.9 percent annual increase in the three months prior.
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