Singapore Bourse May Extend Friday's Gains

(RTTNews) - The Singapore stock market rebounded on Friday, one day after ending the four-day winning streak in which it had jumped more than 100 points or 2.1 percent. The Straight Times Index now sits just above the 4,740-point plateau and it's tipped to open in the green again on Monday.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The STI finished slightly higher on Friday following mixed performances from the financial shares, property stocks and industrial issues.

For the day, the index rose 5.59 points or 0.12 percent to finish at 4,744.66 after trading between 4,723.08 and 4,750.31.

Among the actives, CapitaLand Investment spiked 1.76 percent, while DBS Group and Keppel DC REIT both climbed 0.45 percent, DFI Retail Group soared 1.79 percent, Genting Singapore jumped 0.69 percent, Hongkong Land surged 3.20 percent, Keppel Ltd and SembCorp Industries both sank 0.66 percent, Mapletree Logistics Trust vaulted 0.75 percent, Oversea-Chinese Banking Corporation stumbled 1.83 percent, SATS shed 0.53 percent, Singapore Airlines slumped 0.46 percent, Singapore Exchange rallied 1.16 percent, Singapore Technologies Engineering lost 0.33 percent, SingTel fell 0.22 percent, United Overseas Bank perked 0.03 percent, UOL Group strengthened 0.54 percent, Wilmar International added 0.32 percent, Yangzijiang Shipbuilding gained 0.28 percent and Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, CapitaLand Ascendas REIT, CapitaLand Integrated Commercial Trust, City Developments, Seatrium Limited, Thai Beverage and Frasers Centrepoint Trust were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Friday and remained in the green throughout the trading day, ending near session highs.

The Dow jumped 237.96 points or 0.48 percent to finish at a record 49,504.07, while the NASDAQ rallied 191.33 points or 0.81 percent to end at 23,671.35 and the S&P 500 added 44.82 points or 0.65 percent to close at 6,966.28, also a record.

For the week, the Dow surged 2.3 percent, the NASDAQ jumped 1.9 percent and the S&P climbed 1.6 percent.

The strength on Wall Street reflected a positive reaction to the Labor Department's closely watched report on employment in December. With the report showing employment increased less than expected in December, the data has led to optimism about the outlook for interest rates.

While the Federal Reserve is still widely expected to leave interest rates unchanged at its next meeting later this month, the report has increased confidence in further rate cuts later this year.

Crude oil prices surged on Friday amid near-term supply concerns due to ongoing geopolitical tensions, a decline in U.S. inventories, and OPEC's decision to pause output increases. West Texas Intermediate crude for February delivery was up $1.58 or 2.74 percent at $59.34 per barrel.