News of US-China trade talks lift STI up 1.5% on Friday

SINGAPORE stocks rebounded on Friday to end the week on a higher note, with the Straits Times Index (STI) advancing 1.5 per cent or 46.35 points to 3,059.23.

This came on the back of roughly 1 per cent declines in the previous two sessions. Overall, the STI also finished the week 0.19 per cent higher than last Friday's close of 3,053.43.

Stocks across Asia, including Singapore's, had started the day on weaker footing after Wall Street sell-offs overnight, but were boosted in the afternoon after China's commerce ministry said the US and Chinese would hold vice-ministerial level negotiations over trade in Beijing on Jan 7-8. The two countries are now in a 90-day tariffs truce, but have yet to resolve differences. Most Asian stocks closed up on the day, except in Australia and Japan. Stocks in Japan were closed on Wednesday and Thursday for holidays, and resumed trading on Friday.