The Singapore stock market has seen an upward trend for five consecutive sessions, amassing a gain of nearly 170 points or 4.7%. As of now, the Straits Times Index is positioned just above the 3,720 mark, although investors seem likely to secure profits in the upcoming Monday trading.
Globally, the outlook for Asian markets is mixed, as different countries assess the impact of the U.S. elections. European markets experienced declines, while U.S. markets made gains, suggesting a mixed forecast for Asian markets.
On Friday, the Straits Times Index ended the day significantly higher, bolstered by financials and plantations, although industrials and trusts showed mixed results. The index surged by 50.88 points, or 1.39%, concluding at 3,724.37, after fluctuating between 3,685.96 and 3,742.82 during trading hours.
In terms of specific market performers: CapitaLand Integrated Commercial Trust advanced by 0.51%, yet CapitaLand Investment dropped by 0.36%. Comfort DelGro saw an increase of 0.68%, DBS Group soared by 1.68%, while Genting Singapore fell sharply by 5.95% and Hongkong Land decreased by 2.53%. Keppel DC REIT rose by 0.93%, Keppel Ltd declined by 0.47%, Mapletree Pan Asia Commercial Trust fell by 0.80%, and Mapletree Industrial Trust edged up by 0.44%. Mapletree Logistics Trust saw a decrease of 0.78%. Oversea-Chinese Banking Corporation gained 1.13%, SATS dropped 3.27%, Seatrium Limited climbed by 2.04%, Singapore Technologies Engineering fell by 0.85%, SingTel jumped 1.56%, and Thai Beverage moved up 0.98%. Wilmar International increased by 0.32%, while Yangzijiang Financial and Yangzijiang Shipbuilding saw rises of 1.27% and 3.88%, respectively. City Developments, SembCorp Industries, Emperador, and Frasers Centrepoint Trust remained unchanged.
The momentum from Wall Street is optimistic, with major indices starting Friday higher and all achieving modest gains to reach new record closing highs. The Dow increased by 259.65 points or 0.59%, closing at 43,988.99. Meanwhile, the NASDAQ climbed 17.32 points or 0.09% to settle at 19,286.78, and the S&P 500 gained 22.44 points or 0.38% to finish at 5,995.54.
Over the week, the NASDAQ, known for its technology stocks, surged by 5.7%, while the S&P 500 and the Dow increased by 4.7% and 4.6%, respectively. The stock market continues to benefit from positive reactions to Donald Trump's clear victory in the U.S. presidential election, which is anticipated to have favorable implications for businesses.
Investors are also digesting the Federal Reserve's anticipated decision to cut interest rates by a quarter of a percentage point. Federal Reserve Chair Jerome Powell emphasized that future rate decisions will be evaluated on a case-by-case basis, rather than adhering to a predetermined path.
Oil prices sharply declined on Friday due to concerns over future demand after reports of reduced oil imports by China and dissatisfaction with China's latest stimulus package. December West Texas Intermediate Crude oil futures dropped by $1.98 or 2.7%, settling at $70.38 per barrel, although the contract recorded a 1% gain throughout the week.
