Overbought Singapore Stock Market Called Higher Again On Monday

(RTTNews) - The Singapore stock market has moved higher in five straight sessions, collecting more than 80 points or 2.7 percent along the way. The Straits Times Index now sits just above the 3,130-point plateau and it's got a positive lead again for Monday's trade.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The STI finished sharply higher on Friday following gains from the financial shares, property stocks and industrial issues.

For the day, the index rallied 61.17 points or 1.98 percent to finish at 3,134.66 after trading between 3,106.49 and 3,151.59.

Among the actives, Ascendas REIT perked 1.12 percent, while CapitaLand Integrated Commercial Trust and UOL Group both strengthened 2.22 percent, CapitaLand Investment skyrocketed 4.07 percent, City Developments rose 1.25 percent, DBS Group collected1.93 percent, Emperador dropped 0.98 percent, Genting Singapore gathered 1.16 percent, Hongkong Land surged 4.06 percent, Keppel Corp accelerated 3.05 percent, Mapletree Pan Asia Commercial Trust soared 3.82 percent, Mapletree Industrial Trust gained 1.39 percent, Mapletree Logistics Trust advanced 1.99 percent, Oversea-Chinese Banking Corporation jumped 2.44 percent, SATS increased 1.61 percent, Seatrium Limited spiked 3.70 percent, SembCorp Industries rallied 2.54 percent, Singapore Technologies Engineering improved 1.82 percent, SingTel was up 0.82 percent, Thai Beverage sank 0.93 percent, Yangzijiang Financial added 1.56 percent, Yangzijiang Shipbuilding and Venture Corporation both climbed 2.01 percent and Comfort DelGro and Wilmar International were unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Friday and remained in the green throughout the session.

The Dow surged 222.22 points or 0.66 percent to finish at 34,061.32, while the NASDAQ jumped 184.08 points or 1.38 percent to end at 13,478.28 and the S&P 600 gained 40.56 points or 0.95 percent to close at 4,358.34.

For the week, the NASDAQ skyrocketed 6.6 percent, the S&P 500 soared 5.9 percent and the Dow spiked 5.1 percent.

The continued strength on Wall Street reflected a positive reaction to a Labor Department report showing U.S. employment rose less than expected in October.

The data added to optimism the Federal Reserve is done raising interest rates after the central bank left rates unchanged for the third time in four meetings last week.

Treasury yields also extended a recent slump following the release of the report, adding to the buying interest on Wall Street.

Crude oil moved sharply lower on Friday on worries about the outlook for energy demand. West Texas Intermediate for December delivery tumbled $1.95 or 2.4 percent to $80.51 a barrel.