The Singapore stock market has sustained an upward trend for two consecutive sessions, accruing over 25 points or 0.7 percent. Currently, the Straits Times Index (STI) is near the 3,390-point mark and is projected to open positively on Monday.
The global forecast for Asian markets remains optimistic, buoyed by positive sentiment regarding interest rates. Both European and U.S. markets ended higher, suggesting a similar trend for Asian markets.
On Friday, the STI concluded modestly higher amidst mixed performances from financial shares, property stocks, and industrial issues. Specifically, the index gained 14.41 points or 0.43 percent to close at 3,387.99, fluctuating between 3,367.94 and 3,393.72 throughout the day.
Notable movements among active stocks included CapitaLand Integrated Commercial Trust, which decreased by 0.48 percent, and City Developments, which dropped by 0.76 percent. Conversely, Comfort DelGro rose by 0.72 percent, DBS Group advanced by 0.96 percent, and SATS jumped by 2.00 percent. Other movements included Emperador falling by 1.16 percent, Keppel Ltd sinking by 0.49 percent, Mapletree Industrial Trust declining by 0.42 percent, and Oversea-Chinese Banking Corporation rising by 0.77 percent. Additionally, Seatrium Limited tumbled by 1.99 percent, SembCorp Industries slid by 0.21 percent, Singapore Technologies Engineering gained 0.45 percent, SingTel fell by 0.34 percent, Thai Beverage rallied 1.00 percent, Wilmar International dropped 0.63 percent, Yangzijiang Financial retreated 1.43 percent, and Yangzijiang Shipbuilding rose 0.40 percent. Genting Singapore, Hongkong Land, Keppel DC REIT, CapitaLand Investment, Mapletree Pan Asia Commercial Trust, Mapletree Logistics Trust, Frasers Centrepoint Trust, and DFI Retail remained unchanged.
Wall Street also provided a positive lead, with major indices opening higher on Friday and maintaining gains throughout the session to end near their highs. Specifically, the Dow surged by 462.28 points, or 1.14 percent, to close at 41,175.08. Meanwhile, the NASDAQ rallied by 258.39 points, or 1.47 percent, to finish at 17,877.79, and the S&P 500 advanced by 63.97 points, or 1.15 percent, to close at 5,634.61.
For the week, the Dow increased by 1.3 percent, the NASDAQ by 1.4 percent, and the S&P 500 spiked by 1.5 percent.
The rebound on Wall Street was driven by remarks from Federal Reserve Chair Jerome Powell, indicating the central bank's readiness to start lowering interest rates at its next monetary policy meeting in September. Additionally, the Commerce Department reported a significant rise in new home sales in the U.S. for July.
In commodities, the price of crude oil continued to climb on Friday. West Texas Intermediate (WTI) crude for October delivery surged by $1.82, or 2.5 percent, to $74.83 a barrel, following a $1.08, or 1.5 percent, increase to $73.01 a barrel in Thursday's session. However, crude oil prices fell by 0.9 percent for the week due to a sell-off earlier in the week.
