(RTTNews.com) – Prior to the four-day break for the Lunar New Year, the Singapore stock market had bounced higher again after it had snapped the modest two-day winning streak in which it had advanced just 8 points or 0.2 percent. The Straits Times Index settled just above the 3,435-point plateau, and the market is looking at additional upside again on Monday.
The global forecast for the Asian markets is upbeat thanks to news that Greece reached a deal with eurozone creditors to extend its bailout agreement for four months. The European and U.S. markets ended higher and the Asian bourses are expected to follow that lead.
The STI finished modestly higher on Wednesday as gains from the property stocks and financials were capped by weakness from the plantations.
For the day, the index advanced 19.75 points or 0.58 percent to finish at 3,435.66 after trading between 3,425.89 and 3,443.05. Volume was 642 million shares worth 780 million Singapore dollars. There were 226 gainers and 128 decliners, with 582 stocks finishing unchanged.
Among the actives, City Developments added 0.49 percent, while CapitaMall Trust spiked 2.87 percent, Hongkong Land climbed 1.43 percent, DBS Group collected 0.31 percent, Oversea-Chinese Banking Corporation added 0.77 percent, Golden Agri-Resources tumbled 3.41 percent, Wilmar International fell 0.60 percent, Olam International dropped 0.99 percent and SingTel climbed 0.94 percent.
The lead from Wall Street is positive as stocks turned higher on Friday – lifting the Dow and the S&P to new record closing highs, while the NASDAQ reached its best levels since early 2000.
The Dow jumped 154.67 points or 0.9 percent to 18,140.44, while the NASDAQ climbed 31.27 points or 0.6 percent to 4,955.97 and the S&P 500 rose 12.85 points or 0.6 percent to 2,110.30. For the week, the NASDAQ surged 1.3 percent, while the Dow and the S&P 500 advanced 0.7 percent and 0.6 percent, respectively.
The strength that emerged on Wall Street followed a statement from the Eurogroup saying the extension will give negotiators time to work out a possible follow-up arrangement.
The deal calls for Greek and European officials to agree to a series of reforms by the end of April, with Greece due to present a first list of reform measures today.
The Eurogroup stressed that it remains committed to providing adequate support to Greece as long as it honors its commitments within the agreed framework.
Closer to home, Singapore will see January numbers for consumer prices; in December, inflation was down 0.2 percent both on month and on year.
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