(RTTNews.com) – The Singapore stock market bounced right back to the upside again on Friday, one session after it had snapped the two-day winning streak in which it had advanced more than 25 points or 0.7 percent. The Straits Times Index settled just above the 3,425-point plateau, and the market may add to its winnings on Monday.
The global forecast for the Asian markets suggests mild upside thanks to tenuous progress in the conflict in Ukraine and the debt situation in Greece. The European and U.S. markets were cautiously optimistic on Friday, and the Asian markets are tipped to open slightly higher on Monday.
The STI finished slightly higher on Friday following gains from the plantation stocks and telecoms, plus mixed performances from the financials and properties.
For the day, the index added 7.05 points or 0.21 percent to finish at 3,426.22 after trading between 3,413.56 and 3,429.47.
Among the actives, Keppel Corp climbed 1.39 percent, while City Developments shed 0.87 percent, CapitaLand gained 0.84 percent, DBS Group lost 0.36 percent, United Overseas Bank collected 0.73 percent, Wilmar International advanced 2.48 percent, Golden Agri-Resources jumped 1.15 percent, Noble Group surged 5.70 percent, Olam International dipped 1.48 percent and SingTel gathered 0.48 percent.
The lead from Wall Street is positive as stocks moved higher on Friday, lifting the tech-heavy NASDAQ to its highest levels since early 2000, while the S&P 500 set a new record high.
The NASDAQ advanced 36.22 points or 0.8 percent to finish at 4,893.84, while the Dow rose 46.97 points or 0.3 percent to 18,019.35 and the S&P 500 climbed 8.51 points or 0.4 percent to 2,096.99. For the week, the NASDAQ soared 3.1 percent, while the S&P 500 surged 2 percent and the Dow jumped 1.1 percent.
The strength followed a continued increase by the price of crude oil, which surged $ 1.57 to $ 52.78 a barrel after soaring $ 2.37 to $ 51.21 a barrel in the previous session.
The increase in the price of crude partly reflected news of the ceasefire agreement that went into effect in eastern Ukraine on Sunday. Traders also reacted positively to European news, including upbeat GDP data and optimistic signs regarding Greek debt negotiations.
However, buying interest was offset by a report from the University of Michigan showing a sharp pullback in U.S. consumer sentiment in February.
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