Additional Support Expected For Singapore Stock Market

(RTTNews) - The Singapore stock market has moved higher in back-to-back sessions, advancing almost 40 points or 1 percent along the way. The Straits Tines Index now rests just above the 3,810-point plateau and it's expected to open in the green again on Monday.

The global forecast for the Asian markets is positive on an improved outlook for interest rates. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.

The STI finished modestly higher on Friday following gains from the financial shares and mixed performances from the property stocks, trusts and industrials.

For the day, the index rose 9.65 points or 0.25 percent to finish at 3,810.78 after trading between 3,791.69 and 3,819.18.

Among the actives, CapitaLand Integrated Commercial Trust increased 0.51 percent, while CapitaLand Investment slumped 0.80 percent, City Developments spiked 0.99 percent, Comfort DelGro dropped 0.71 percent, DBS Group gathered 0.16 percent, Genting Singapore advanced 0.68 percent, Keppel DC REIT rallied 0.91 percent, Keppel Ltd perked 0.15 percent, Mapletree Pan Asia Commercial Trust stumbled 0.83 percent, Mapletree Industrial Trust added 0.45 percent, Oversea-Chinese Banking Corporation collected 0.59 percent, SATS sank 0.28 percent, Seatrium Limited gained 0.44 percent, SembCorp Industries jumped 1.26 percent, Singapore Technologies Engineering fell 0.21 percent, SingTel improved 0.64 percent, Wilmar International rose 0.33 percent, Yangzijiang Shipbuilding plummeted 2.66 percent and Yangzijiang Financial, Thai Beverage, Emperador, Mapletree Logistics Trust, Hongkong Land and Jardine Cycle & Carriage were unchanged.

The lead from Wall Street is broadly upbeat as the major averages opened solidly higher on Friday and stayed that way throughout the trading day, ending near session highs.

The Dow jumped 334.73 points or 0.78 percent to finish at 43,487.83, while the NASDAQ rallied 291.90 points or 1.51 percent to close at 19.630.20 and the S&P 500 advanced 59.30 points or 1.00 percent to end at 5,996.66.

For the week, the Dow soared 3.7 percent, the S&P jumped 2.9 percent and the NASDAQ climbed 2.5 percent.

Stocks benefitted from the recent decrease by treasury yields even as the yield on the benchmark ten-year note recovered from an early slump to end the day roughly flat. The recent retreat by treasury yields came as the U.S. inflation data released over the past few days led to renewed optimism about the outlook for interest rates.

Adding to the interest rate optimism, Federal Reserve Governor Christopher Waller told CNBC the central bank could lower interest rates multiple times this year if inflation eases as he is expecting.

Crude oil prices showed a notable move to the downside on Friday, extending the sharp pullback seen in the previous session. West Texas Intermediate for February delivery was down $0.80 or 1 percent to $77.88 a barrel on Friday; for the week, crude rose about 1 percent.