Singapore stocks gain 0.1 % on Friday to end the week higher

SINGAPORE stocks tracked the positive performance across most regional markets on Friday (Jul 8) and overnight gains on Wall Street to end the week higher.

The benchmark Straits Times Index (STI) rose 0.1 per cent or 1.86  points to close at 3,131.26. For the week, the market barometer was up 1.2 per cent. 

Elsewhere in the region, key indices in Japan, South Korea, Malaysia and Hong Kong rose between 0.1 and 0.7 per cent on Friday. However, Chinese stocks ended lower, with the Shanghai Composite down 0.2 per cent. 

Stephen Innes, managing partner of SPI Asset Management, said: “Equity markets in Asia continued to build on the positive momentum in the US markets despite rate volatility remaining exceedingly high.”

With traders awaiting the release of a US jobs report later on Friday,  Innes added: “A stronger-than-expected jobs print offers scope to reprice front-end rate expectations higher, while a weaker number would stoke growth-slowdown fears.”

Across the broader Singapore market, gainers outnumbered losers 258 to 183, after a billion securities worth S$855.4 million were traded.

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SATS was the top STI gainer, gaining 2.3 per cent to close at S$3.98. Other top performers included Sembcorp Industries and Hongkong Land, which rose 1.8 and 1.4 per cent respectively. 

Meanwhile, shares of Yangzijiang Shipbuilding were at the bottom of the index performance table for the second consecutive day, slipping 3.3 per cent to close at S$0.885. It was also the worst index performer for the week, down 6.3 per cent from the close on Jul 1.

Singtel was the top index gainer for the week, with its shares climbing 4.3 per cent over the 5 trading days, to close at S$2.66.