FX.co ★ Singapore Stock Market May Add To Its Winnings

The Singapore stock market has concluded higher for four consecutive sessions, amassing over 90 points or 2.8 percent in this period. The Straits Times Index (STI) currently sits just below the 3,500-point mark and is projected to open positively again on Monday.

The global outlook for Asian markets is optimistic, driven by expected bargain hunting in technology sectors. Both European and U.S. markets experienced gains, setting a positive precedent for Asian exchanges.

On Friday, the STI closed modestly higher, bolstered by gains in real estate and trusts, with financial shares and industrials delivering mixed results.

Specifically, the index rose by 22.72 points or 0.65 percent, settling at 3,497.78 after fluctuating between 3,480.14 and 3,504.98.

In terms of active stocks, CapitaLand Integrated Commercial Trust surged by 3.92 percent, while CapitaLand Investment saw an increase of 4.85 percent. City Developments climbed 1.29 percent, Comfort DelGro added 0.72 percent, and DBS Group dipped 1.17 percent. Emperador also fell by 1.16 percent, but other companies like Genting Singapore advanced 1.75 percent, and Hongkong Land improved 1.52 percent. Keppel DC REIT jumped 4.19 percent, Keppel Ltd added 1.05 percent, Mapletree Pan Asia Commercial Trust skyrocketed 5.51 percent, Mapletree Industrial Trust grew by 3.69 percent, and Mapletree Logistics Trust rose 3.03 percent. Oversea-Chinese Banking Corporation collected a gain of 0.53 percent, SATS surged 5.45 percent, Seatrium Limited spiked 4.23 percent, and SembCorp Industries edged up 0.63 percent. Despite these, Singapore Technologies Engineering dipped 0.68 percent, and SingTel gained 1.03 percent. Wilmar International climbed 2.26 percent while Yangzijiang Shipbuilding fell by 0.88 percent. Thai Beverage and Yangzijiang Financial remained unchanged.

The sentiment from Wall Street is also positive, with major indices opening higher and maintaining their gains throughout the session.

The Dow Jones Industrial Average rose by 247.10 points or 0.62 percent, closing at 40,000.90. The NASDAQ advanced by 115.04 points or 0.63 percent, ending at 18,398.45, while the S&P 500 gained 30.81 points or 0.55 percent, finishing at 5,615.35.

For the week, the Dow increased by 1.6 percent, the S&P 500 jumped 0.9 percent, and the NASDAQ rose by 0.3 percent.

Wall Street's rebound was driven by traders seeking to buy stocks at reduced prices following a sharp decline on Thursday, influenced partly by a rotation out of leading tech stocks like Nvidia (NVDA).

Furthermore, traders maintained optimism regarding interest rate prospects despite the U.S. Labor Department reporting a slightly higher-than-expected increase in producer prices for June.

In the commodities sector, oil futures settled lower on Friday, affected by data revealing a larger-than-anticipated rise in U.S. producer prices for June. West Texas Intermediate (WTI) Crude oil futures for August decreased by $0.41, closing at $82.21 per barrel.