The Singapore stock market has experienced consecutive gains, rising nearly 50 points or 1.4 percent. The Straits Times Index currently stands just above the 3,640 mark and is poised for additional gains on Monday.
The forecast for Asian markets is optimistic, buoyed by generally positive earnings reports. While European markets showed mixed results, U.S. stock exchanges were on the rise, suggesting a positive trend for Asian markets as well.
The STI closed slightly higher on Friday, supported by gains in financial and property stocks. Specifically, the index rose by 14.94 points or 0.41 percent, concluding the trading session at 3,640.19, after fluctuating between 3,623.86 and 3,644.18.
In terms of specific stocks, CapitaLand Integrated Commercial Trust increased by 1.44 percent, and City Developments advanced 0.95 percent. Conversely, Comfort DelGro decreased by 0.68 percent, while DBS Group improved by 0.46 percent. Other notable movements included Genting Singapore's 0.59 percent decline, Hongkong Land's 0.50 percent rise, and Keppel DC REIT's 1.35 percent rally. Keppel Ltd gained 0.62 percent, Oversea-Chinese Banking Corporation moved up by 0.92 percent, and Singapore Technologies Engineering surged by 2.12 percent. SingTel increased by 0.31 percent, while Wilmar International and Yangzijiang Shipbuilding fell by 0.91 percent and 0.39 percent, respectively. Other stocks such as SATS, Seatrium Limited, SembCorp Industries, Yangzijiang Financial, Thai Beverage, Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, Mapletree Logistics Trust, DFI Retail Group, Emperador, and CapitaLand Investment remained unchanged.
In the U.S., Wall Street ended on a positive note, with major indexes opening mixed on Friday but progressively climbing to close near session highs. The Dow Jones Industrial Average increased by 36.86 points or 0.09 percent, reaching a new record at 43,275.91. The NASDAQ rose by 115.94 points or 0.63 percent to 18,489.55, and the S&P 500 grew by 23.20 points or 0.40 percent, finishing at 5,864.67. Over the week, the Dow, S&P, and NASDAQ saw increases of 1.0 percent, 0.9 percent, and 0.8 percent, respectively.
The NASDAQ particularly benefitted from Netflix (NFLX) shares, which surged by 11.1 percent to a record high, following the streaming company's Q3 results that surpassed analyst expectations both in revenue and earnings.
However, American Express (AXP) shares fell by 3.2 percent, restricting the Dow's progress. The credit card company reported better-than-expected Q3 earnings but faced revenue that disappointed analysts.
In U.S. economic developments, the Commerce Department noted a slight decline in housing starts and building permits for September.
Oil prices dropped on Friday due to downward revisions in demand forecasts from OPEC and the International Energy Agency. West Texas Intermediate crude oil futures for November decreased by $1.45 or 2.05 percent, settling at $69.22 per barrel. For the week, WTI crude futures saw a decline exceeding 8 percent.
