The Singapore stock market has seen an upward trend in the last two sessions, gaining over 30 points or 0.7 percent. The Straits Times Index (STI) is now poised just below the 3,740-point level, with potential for further gains on Monday.
The global outlook for Asian markets remains optimistic, driven by expectations of bargain hunting following last week’s significant sell-off. Both European and U.S. markets closed positively on Friday, and it is anticipated that Asian markets will follow this upward momentum.
On Friday, the STI experienced a modest increase, with varied performances across sectors such as financials, properties, REITs, and industrials. The index edged up by 2.04 points, or 0.05 percent, concluding the session at 3,739.29, after oscillating between 3,709.96 and 3,739.29.
Among the active stocks, CapitaLand Integrated Commercial Trust declined by 1.01 percent, CapitaLand Investment by 0.36 percent, and Keppel DC REIT fell by 1.77 percent. Conversely, DBS Group advanced by 0.43 percent, Hongkong Land by 0.66 percent, and SingTel surged by 1.64 percent. Meanwhile, other stocks such as City Developments and Comfort DelGro remained unchanged.
The momentum from Wall Street is encouraging, as major indices opened higher post-Thanksgiving holiday and maintained this trajectory, ending near session highs. The Dow rose 188.59 points, or 0.42 percent, closing at 44,910.65. The NASDAQ climbed 157.69 points, or 0.83 percent, to 19,218.17, and the S&P 500 increased by 33.64 points, or 0.56 percent, to finish at 6,032.38.
For the week, despite the holiday, the NASDAQ and S&P 500 each increased by 1.1 percent, while the Dow saw a 1.4 percent rise. Wall Street’s strength primarily stemmed from traders capitalizing on stocks at lower valuations, especially after Wednesday’s dip.
Semiconductor stocks drove the recovery, highlighted by a 1.5 percent rise in the Philadelphia Semiconductor Index, after encountering its lowest intraday level in over two months in the preceding session.
In the commodities market, crude oil futures declined on Friday as OPEC postponed its meeting to December 5, amidst anticipations of a production increase delay. West Texas Intermediate (WTI) crude futures for January fell by $0.72, or 1.1 percent, to $68.00 per barrel, marking a weekly loss of 4.5 percent for WTI crude futures.
