Singapore stocks climb on Friday ahead of US jobs data; STI up 0.9%

SINGAPORE stocks gained on Friday in line with most regional markets, as investors awaited the release of US jobs data later in the day.

The benchmark Straits Times Index (STI) rose 0.9 per cent or 27.26 points on Friday to close at 3,200.26. For the week, the index finished 0.6 per cent lower, dragged by weakness earlier this week.

Soaring to the top of the STI performance table on Friday was Singapore Airlines, with its shares climbing 2.3 per cent or S$0.11 to close at S$4.95.

The trio of local banks were among the top active counters by value on Friday. DBS climbed 1 per cent to close at S$29.86, while UOB rose 2.1 per cent to S$26.58.

OCBC shares gained 1.3 per cent or S$0.16 on Friday to finish at S$12.56, after the bank on Friday posted a record net profit for the first quarter that was more than double from its year-ago quarter.

Just two counters on the STI ended lower on Friday, Mapletree Logistics Trust, which fell 0.5 per cent to S$1.98 and Mapletree Industrial Trust, which slipped 0.7 per cent to S$2.77.

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Across the broader market decliners outnumbered advancers 249 to 243, after 2.01 billion securities worth S$1.50 billion changed hands.

Elsewhere in Asia, markets were mostly higher on Friday ahead of the US jobs report, with expectations for the data to reaffirm signs of recovery.

IG market strategist Yeap Jun Rong noted that thus far, the US has recovered 62 per cent of the jobs lost to Covid-19, and a potential one million addition on Friday could drive this to 67 per cent. "If this rate continues, US may potentially recover all job loss from Covid-19 by the end of this year."

Finishing higher on Friday were shares in Tokyo and Seoul, with the Nikkei 225 climbing 0.1 per cent, while the Kospi gained 0.6 per cent. Australia's ASX 200 also gained 0.3 per cent, while the KLCI in Malaysia rose 0.6 per cent.

However, the Hang Seng Index in Hong Kong slipped 0.1 per cent, amid tensions between China and the West.