STI ends pre-Christmas week on a cheerful note

THE Singapore stock market left a tiny present under the fir tree for investors on Christmas eve as it carved out its best percentage increase this week, though competition for that title was hardly keen.

The benchmark Straits Times Index (STI) extended its gains on Thursday to make a three-day streak, rising 0.5 per cent or 13.97 points to 2,877.62 at the end of a shortened trading session that ended at 12.30pm. The STI is now 0.9 per cent above where it was at the end of last week.

The blue-chip index got a boost after an extended pre-holiday rally on Wall Street overnight and a continued rise in crude oil prices, though analysts warned that the crude oil uptrend could be shortlived since the fundamentals have not changed significantly.