Singapore Stock Exchange Expected to Crack Resistance at 3,200 Points

(RTTNews) – The Singapore stock market has climbed higher in three consecutive sessions, collecting nearly 65 points or 2% along the way. The Straits Times Index now sits just below the 3,175 point plateau and it is likely to increase its gains again on Monday.

Global forecasts for Asian markets are bullish thanks to strong earnings news and continued support from crude oil prices. The European and American markets were on the rise and Asian stock markets should follow suit.

The STI ended slightly higher on Friday after gains in industrials and real estate and a mixed picture of financials.

For the day, the index gained 9.05 points or 0.29% to end at 3,173.91 after trading between 3,170.17 and 3,186.34. The volume was 1.8 billion shares worth S $ 1.3 billion. There were 298 winners and 188 decline.

Among assets, Ascendas REIT grew 0.33%, while CapitaLand Integrated Commercial Trust grew 0.94%, City Developments grew 0.14%, Comfort DelGro grew 0.63%, Dairy Farm International fell 0.28%, DBS Group fell 0.03%, Genting Singapore jumped 1.92%. , Hongkong Land increased 1.41%, Jardine Cycle plunged 2.58%, Keppel Corp climbed 1.85%, Mapletree Commercial Trust increased 0.47%, Mapletree Logistics Trust climbed 1, 01%, Oversea-Chinese Banking Corporation fell 0.08%, SATS and Wilmar International both lost 0.23%, SembCorp Industries jumped 1.03%, Singapore Exchange rose 0.21%, Singapore Press Holdings fell 0.50%, Singapore Technologies Engineering lost 0.26%, Thai Beverage improved 0.70%, United Overseas Bank collected 0.41% and Yangzijiang Shipbuilding, Singapore Airlines, SingTel and CapitaLand have been unchanged.

Wall Street’s lead is generally positive as the major averages opened solidly in the green on Friday and stayed that way throughout the session.

The Dow Jones jumped 382.20 points or 1.09% to close at 35,294.76, while the NASDAQ jumped 73.91 points or 0.50% to close at 14,897.34 and the S&P a increased 33.11 points or 0.75% to end at 4,471.37. For the week, the Dow Jones gained 1.6%, the NASDAQ rose 2.2% and the S&P gained 1.8%.

Another batch of positive earnings news fueled the rally, led by financial giant Goldman Sachs (GS) and aluminum producer Alcoa (AA), among others.

Buying interest was also generated in response to a Commerce Department report showing an unexpected increase in retail sales in the United States in September. In addition, the Labor Department said import prices in the United States rose less than expected last month.

Crude oil futures stabilized considerably higher on Friday after the International Energy Agency said demand for oil is likely to increase significantly due to the energy crisis supporting prices . West Texas Intermediate crude oil futures for November rose $ 0.97 or 1.2% to $ 82.28 a barrel. For the week, WTI crude oil futures gained 3.7%, up for the eighth consecutive week.

Closer to home, Singapore will release September figures for domestic non-oil exports later this morning, with forecasts suggesting an increase of 0.6% on the month and 8.5% on a year-on-year basis. This follows the monthly drop of 3.6% and the annual gain of 2.7% in August.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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