Singapore STI crosses 5,800, hits record high as Wall Street firms
Singapore’s STI rose 55 points, or 1.0%, to a new record high of 5,803 around noon Friday, its third straight session. Communication, non-energy minerals and finance led, while higher oil prices capped gains.
Singapore stocks rose 55 points, or 1.0%, to a new record high of 5,803 around noon on Friday, up for the third straight session and tracking an upbeat session on Wall Street overnight amid easing US Treasury yields.
The broader index crossed the 5,800 level for the first time, mainly buoyed by gains in communication, non-energy minerals, and finance.
However, rising oil prices capped the gains amid heightened inflation concerns and reinforced expectations of an interest rate hike amid escalating Middle East tensions.
Traders also anticipated the release of Singapore’s retail sales figures for July and US jobs data due later today.
Caution was also building ahead of the release of China’s consumer and producer prices, as well as trade data due next week.
Among early gainers were Hong Kong Land (4.2%), Yanzijiang Shipbuilding (3.6%), City Developments (2.4%), OCBC (1.2%), and UOB (1.1%).
For the week, the index is heading for a 1.8% rise.