(RTTNews.com) – The Singapore stock market has finished higher in back-to-back sessions, surging almost 80 points or 2.5 percent along the way. The Straits Times Index now rests just above the 3,285-point plateau and the overbought bourse is nonetheless called higher again on Monday.
The global forecast for the Asian markets is firm, thanks to the extended rebound in crude oil prices and renewed optimism about the outlook for interest rates. The European markets were down on Friday and the U.S. markets were up – and the Asian bourses figure to follow the latter lead.
The STI finished sharply higher on Friday following gains from the financials, properties, industrials and plantations.
Among the actives, Global Logistic Properties skyrocketed 21.85 percent, while Hutchison Port Holdings surged 4.44 percent, Wilmar International advanced 2.13 percent, CapitaLand spiked 1.68 percent. Genting Singapore climbed 1.41 percent, Golden Agri-Resources jumped 1.32 percent, SingTel gained 1.30 percent, Oversea-Chinese Banking Corporation perked 1.28 percent, Yangzijiang Shipbuilding gathered 1.17 percent, United Overseas Bank collected 1.06 percent and Thai Beverage was unchanged.
The lead from Wall Street is positive as stocks moved higher on Friday, extending their recent upward trend.
The Dow rose 84.65 points or 0.4 percent to 21,637.74, while the NASDAQ advanced 38.03 points or 0.6 percent to 6,312.47 and the S&P gained 11.44 points or 0.5 percent to 2,459.27. For the week, the NASDAQ surged 2.6 percent, while the Dow jumped 1 percent and the S&P climbed 1.4 percent.
The strength followed several key economic reports, with the data suggesting that the Federal Reserve will not hurry to raise interest rates.
The Commerce Department said retail sales fell for the second straight month in June, while the Labor Department said consumer prices were unchanged in June. Also, the Federal Reserve said industrial production increased more than expected in June.
The rally in crude oil prices continued Friday on a weaker dollar and the outlook for interest rates. August West Texas Intermediate crude rose 46 cents or 1 percent to $46.54 a barrel on the New York Mercantile Exchange for the session. Prices surged 5.2 percent last week.
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