Singapore shares climbed 55 points, or 1.0%, to a new record high of 5,803 around midday on Friday, extending gains for a third consecutive session. The advance followed a positive lead from Wall Street overnight, supported by easing US Treasury yields. The benchmark index moved above the 5,800 level for the first time, driven largely by strength in communication services, non-energy minerals, and financial stocks.
Upside momentum was partly restrained by rising oil prices, which intensified inflation concerns and bolstered expectations of further interest rate hikes amid escalating tensions in the Middle East. Investors were also positioning ahead of Singapore’s July retail sales report and key US employment data due later in the day.
Caution was evident as markets looked to upcoming Chinese economic releases, including consumer and producer price indices and trade figures scheduled for next week. Early notable gainers included Hong Kong Land (+4.2%), Yanzijiang Shipbuilding (+3.6%), City Developments (+2.4%), OCBC (+1.2%), and UOB (+1.1%). For the week, the index was on track for a 1.8% gain.
