Singapore Bourse May Challenge Resistance At 4,000 Points

(RTTNews) - The Singapore stock market has climbed higher in four straight sessions, rising almost 90 points or 2.2 percent along the way. The Straits Times Index now sits just above the 3,965-point plateau and it may extend its gains again on Monday.

The global forecast for the Asian markets is positive on optimism over a possible resolution to tariff talks. The European and U.S. markets finished higher and the Asian bourses are expected to follow that lead.

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

For the day, the index improved 27.74 points or 0.70 percent to finish at the daily high of 3,966.20 after trading between 3,950.97.

Among the actives, CapitaLand Ascendas REIT rallied 1.13 percent, while CapitaLand Integrated Commercial Trust advanced 0.93 percent, CapitaLand Investment surged 1.54 percent, City Developments climbed 0.98 percent, DBS Group strengthened 0.99 percent, DFI Retail Slumped 0.73 percent, Genting Singapore rose 0.70 percent, Hongkong Land skyrocketed 3.36 percent, Keppel DC REIT accelerated 1.30 percent, Keppel Ltd increased 0.81 percent, Mapletree Pan Asia Commercial Trust added 0.80 percent, Mapletree Industrial Trust soared 1.50 percent, Mapletree Logistics Trust improved 0.86 percent, Oversea-Chinese Banking Corporation collected 0.74 percent, SATS gathered 0.66 percent, Seatrium Limited perked 0.50 percent, SembCorp Industries skidded 1.01 percent, Singapore Technologies Engineering sank 0.51 percent, SingTel gained 0.79 percent, Thai Beverage jumped 1.09 percent, United Overseas Bank was up 0.42 percent, Wilmar International expanded 0.69 percent, Yangzijiang Financial spiked 1.39 percent and Yangzijiang Shipbuilding, Comfort DelGro and UOL Group were unchanged.

The lead from Wall Street is upbeat as the major averages spent most of Friday in the green, shaking off a late slump to finish solidly in positive territory.

The Dow jumped 432.47 points or 1.00 percent to finish at 43,819.27, while the NASDAQ gained 105.56 points or 0.52 percent to end at 20,273.46 and the S&P 500 added 32.05 points or 0.52 percent to end at 6,173.07. For the week, the NASDAQ surged 4.3 percent, the Dow jumped 3.8 percent and the S&P 500 shot up 3.4 percent.

Optimism about new trade deals contributed to the early rally on Wall Street after President Donald Trump indicated the U.S. had signed an agreement with China.

However, stocks pulled back sharply in afternoon trading after Trump said he is ending trade talks with Canada due to the country imposing a digital services tax on U.S. technology companies.

In economic news, the Commerce Department released a closely watched report that included the Federal Reserve's preferred readings on consumer price inflation - which said overall inflation rose in line with expectations.

Crude oil posted gains on Friday in the wake of the U.S. confirming readiness to sign trade deals with China and multiple other trading partners, plus indications of strong summer demand. West Texas Intermediate crude for August delivery rose $0.28 to settle at $65.52 per barrel.