Singapore Bourse May Extend Winning Streak

(RTTNews) - The Singapore stock market has moved higher in wo straight sessions collecting almost 15 points or 0.5 percent along the way. The Straits Times Index now rests just above the 3,335-point plateau and it may add to its winnings on Monday.

The global forecast for the Asian markets is cautiously optimistic on an improved outlook for interest rates. The European and U.S. markets were mostly higher and the Asian bourses are likely to follow that lead.

The STI finished modestly higher on Friday following gains from the financial shares and mixed performances from the property stocks and industrial issues.

For the day, the index gained 13.21 points or 0.40 percent to finish at the daily high of 3,336.59 after moving as low as 3,323.20.

Among the actives, CapitaLand Ascendas REIT declined 1.14 percent, while CapitaLand Integrated Commercial Trust rose 0.51 percent, CapitaLand Investment added 0.76 percent, City Developments plummeted 5.24 percent, Comfort DelGro tumbled 1.42 percent, DBS Group spiked 1.04 percent, Emperador retreated 1.15 percent, Genting Singapore gained 0.55 percent, Hongkong Land surged 2.11 percent, Keppel DC REIT increased 0.56 percent, Mapletree Industrial Trust gathered 0.46 percent, Mapletree Logistics Trust tanked 1.48 percent, Oversea-Chinese Banking Corporation advanced 0.83 percent, SATS sank 0.36 percent, Seatrium Limited skyrocketed 1,900.00 percent, SembCorp Industries dropped 0.78 percent, Singapore Technologies Engineering rallied 0.97 percent, SingTel improved 0.81 percent, Thai Beverage slumped 1.00 percent, Wilmar International lost 0.32 percent, Yangzijiang Financial soared 1.56 percent, Yangzijiang Shipbuilding jumped 1.33 percent and Keppel Ltd, Mapletree Pan Asia Commercial Trust and Frasers Logistics were unchanged.

The lead from Wall Street is fairly positive as the major averages opened higher on Friday, slumped midday but rallied to finish mixed.

The Dow surged 574.82 points or 1.51 percent to finish at 38,686.32, while the NASDAQ dipped 2.08 points or 0.01 percent to close at 16,735.02 and the S&P 500 gained 42.03 points or 0.80 percent to end at 5,277.51.

For the week, the S&P 500 fell 0.5 percent and the Dow and the NASDAQ slumped by 1.0 percent and 1.1 percent, respectively - although the major averages all posted strong gains for the month of May.

The mostly higher close on Wall Street followed the release of a highly anticipated Commerce Department data showing consumer prices in the U.S. increased in line with estimates in April, while core consumer prices edged up slightly less than expected.

The readings on inflation, which are said to be preferred by the Federal Reserve, generated optimism that investors may see a rate cut in the coming months.

Oil prices fell on Friday, extending losses to a third straight day amid concerns about the outlook for demand - although optimism over the extension of OPEC production cuts limited the downside. West Texas Intermediate crude oil futures for July slipped $0.92 at $76.99 a barrel.