The Singapore stock market has risen on two of the three trading days since the end of a two-day decline in which it had fallen more than 25 points or 0.8 per cent. The Straits Times Index is now just above the 3,110 plateau, although it is expected to reopen higher on Monday.
The global forecast for Asian countries. markets is optimistic about improving inflation prospects. European and US markets rose and Asian stocks are expected to open similarly on Monday.
The STI closed strongly higher on Friday with gains across the board, especially among the financial, real estate and industrial sectors.
During the day, the index jumped 36.47 points or 1.19 percent to end at 3,110.73 after trading between 3,078.54 and 3,111.11.
Among assets, Ascendas REIT and Mapletree Pan Asia Commercial Trust gained 0.71 percent, while CapitaLand Integrated Commercial Trust advanced 1.06 percent, City Developments rose 1.13 percent, Comfort DelGro jumped 1, 50 percent, DBS Group rose 1.35 percent, Emperador gained 0.97 percent and Genting. Singapore rose 2.62 percent, Hongkong Land recovered 0.61 percent, Keppel Corp improved 1.04 percent, Mapletree Industrial Trust rose 0.43 percent, Mapletree Logistics Trust strengthened 1.24 percent, Oversea-Chinese Banking Corporation raised 1.12 percent, SATS rallied 0.37 percent, Seatrium Limited soared 7.92 percent, SembCorp Industries rose 1.02 percent, Singapore Technologies Engineering soared 1.89 percent, SingTel rose 0.86 percent, Thai Beverage added 1.01 percent, Wilmar International soared 2.25 percent, Yangzijiang Financial accelerated 1.61 percent and Yangzijiang Shipbuilding, CapitaLand Investment, Keppel DC REIT and Frasers Logistics remained unchanged.
Wall Street's upside ends up being positive as the major averages overcame Friday's initial turmoil, rising solidly in afternoon trading to finish in the green.
The Dow Jones rose 130.47 points or 0.36 percent to finish at 36,247.87, while the Nasdaq gained 63.97 points or 0.45 percent to close at 14,403.97 and the S&P 500 added 18.78. points or 0.41 percent to close at 4,604.37. For the week, the Dow Jones rose slightly, the S&P 500 rose 0.2 percent and the NASDAQ added 0.7 percent.
The initial volatility on Wall Street followed the release of a highly anticipated Labor Department report showing stronger-than-expected job growth in November.
The data raised concerns that the strength of the labor market could lead the Federal Reserve to delay cutting interest rates, with investors expecting the central bank to adopt rate cuts as early as March 2024.
But the buying interest was generated in reaction to a University of Michigan report showing a decline in consumers' inflation expectations in December.
Oil soared sharply on Friday after Saudi Arabia and Russia urged OPEC members to join a production cut deal. West Texas Intermediate crude oil futures for January ended up $1.89 or 2.7 percent at $71.23 a barrel, snapping a six-day losing streak.
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