The Singapore stock market bounced higher again on Friday, one session after ending the six-day winning streak in which it had improved almost 95 points or 2.8 percent. The Straits Times Index now sits just beneath the 3,420-point plateau and it may inch higher again on Monday.
The global forecast for the Asian markets suggests mild upside on upbeat U.S. jobs data and sinking crude oil prices. The European and U.S. markets were slightly higher and the Asian bourses are tipped to follow that lead.
The STI finished modestly higher on Friday following gains from the property stocks and industrial issues, while the financials came in mixed.
For the day, the index improved 10.59 points or 0.31 percent to finish at 3,419.11 after trading between 3,399.48 and 3,425.37. Volume was 1.28 billion shares worth 1.25 billion Singapore dollars. There were 239 decliners and 219 gainers.
Among the actives, Ascendas REIT rallied 0.68 percent, while CapitaLand Integrated Commercial Trust spiked 1.33 percent, City Developments climbed 0.64 percent, Dairy Farm International surged 4.96 percent, DBS Group dropped 0.78 percent, Genting Singapore improved 0.61 percent, Hongkong Land soared 2.65 percent, Keppel Corp advanced 0.62 percent, Mapletree Logistics Trust added 0.54 percent, Oversea-Chinese Banking Corporation collected 0.16 percent, SATS tumbled 1.15 percent, Singapore Airlines dipped 0.18 percent, Singapore Exchange perked 0.20 percent, Singapore Technologies Engineering gained 0.24 percent, SingTel increased 0.38 percent, Thai Beverage sank 0.70 percent, United Overseas Bank fell 0.19 percent, Wilmar International rose 0.21 percent, Yangzijiang Shipbuilding jumped 0.65 percent, Mapletree Commercial Trust, SembCorp and Industries, Singapore Press Holdings and Comfort DelGro were unchanged.
The lead from Wall Street ends up positive as a late rally pushed the major averages into the green late in Friday's session after a sluggish start.
The Dow jumped 139.92 points or 0.40 percent to finish at 34,818.27, while the NASDAQ added 40.98 points or 0.29 percent to close at 14,261.50 and the S&P 500 rose 15.45 points or 0.34 percent to end at 4,545.86. For the week, the Dow eased 0.1 percent, the NASDAQ gained 0.7 percent and the S&P rose 0.1 percent.
The choppy trading on Wall Street came as traders expressed some uncertainty about the outlook for the markets after the major averages experienced their first negative quarter since the first quarter of 2020.
For the first three months of 2022, the NASDAQ plummeted 9.1 percent and the S&P 500 and Dow dove 4.9 percent and 4.6 percent, respectively, although the major averages regained some ground in March.
Traders were also digesting the Labor Department's closely watched monthly jobs report, which showed employment increased less than expected in March but the unemployment rate still fell to a new pandemic-era low.
Crude oil prices dropped Friday, extending their slide from the previous session as International Energy Agency members have agreed to release oil from strategic reserve to stabilize global energy markets. West Texas Intermediate Crude oil futures for May ended down by $1.01 or 1 percent at $99.27 a barrel. WTI crude futures shed nearly 13 percent in the week, posting the biggest weekly loss in two years.