Additional Support Anticipated For Singapore Stock Market

(RTTNews) - The Singapore stock market has climbed higher in two straight sessions, gathering more than 80 points or 1.7 percent along the way. The Straits Times Index now sits just above the 4,890-point plateau and it's likely to open to the upside again on Monday.

The global forecast for the Asian markets is murky, with geopolitical concerns likely to limit any upside. The European and U.S. markets were mixed and little changed and the Asian markets figure to follow that lead.

The STI finished sharply higher on Friday following gains from the financial shares, property stocks and industrial issues.

For the day, the index jumped 63.13 points or 1.31 percent to finish at 4,891.45 after trading between 4,839.26 and 4,895.15.

Among the actives, CapitaLand Ascendas REIT slipped 0.35 percent, while CapitaLand Integrated Commercial Trust fell 0.42 percent, CapitaLand Investment spiked 1.67 percent, City Developments slumped 0.97 percent, DBS Group rallied 0.98 percent, DFI Retail Group advanced 0.49 percent, Hongkong Land climbed 0.74 percent, Keppel DC REIT improved 0.45 percent, Keppel Ltd jumped 1.19 percent, Mapletree Pan Asia Commercial Trust sank 0.68 percent, Oversea-Chinese Banking Corporation soared 3.40 percent, SATS rose 0.26 percent, Seatrium Limited shed 0.47 percent, SembCorp Industries added 0.34 percent, Singapore Airlines perked 0.16 percent, Singapore Exchange accelerated 1.27 percent, Singapore Technologies Engineering eased 0.21 percent, SingTel lost 0.45 percent, Thai Beverage strengthened 1.05 percent, United Overseas Bank surged 5.00 percent, UOL Group dropped 0.87 percent, Wilmar International gained 0.31 percent, Yangzijiang Shipbuilding stumbled 1.18 percent and Mapletree Industrial Trust, Mapletree Logistics Trust, Genting Singapore and Frasers Logistics & Commercial Trust were unchanged.

The lead from Wall Street offers little clarity as the major averages opened lower on Friday but quickly turned mixed and finished the session that way.

The Dow dropped 285.30 points or 0.58 percent to finish at 49,098.30, while the NASDAQ added 65.22 points or 0.28 percent to close at 23,501.24 and the S&P 500 perked 2.26 points or 0.03 percent to end at 6,915.61.

For the week, the Dow shed 0.5 percent, the S&P fell 0.4 percent and the NASDAQ eased 0.1 percent.

The mixed performance came as traders kept an eye on the latest geopolitical developments, with easing concerns about tensions over Greenland being replaced by renewed worries about a confrontation between the U.S. and Iran.

After President Donald Trump ruled out the use of force to acquire Greenland and backed off tariff threats against Europe, he has now apparently shifted his attention back to Iran and has an "armada" heading toward the Middle East.

Crude oil prices soared on Friday as fresh war threats in the Middle East raised supply disruption concerns. West Texas Intermediate crude for March delivery was up $1.75 or 2.95 percent at $61.11 per barrel.

Closer to home, Singapore will provide December data for industrial production later today; in November, production was down 10.2 percent on month and up 14.3 percent on year.