Singapore Shares May See Additional Support On Monday

(RTTNews) - The Singapore stock market has finished higher in six straight sessions, gathering more than 300 points or 6 percent along the way. The Straits Times Index now sits just beneath the 5,470-point plateau and it's looking at another green light for Monday's trade.

The global forecast for the Asian markets is cautiously optimistic, spurred by strong tech support and easing crude oil prices. The European markets were mixed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

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

For the day, the index gained 35.41 points or 0.65 percent to finish at 5,469.29 after trading between 5,412.51 and 5,472.10.

The lead from Wall Street suggests mild upside as the major averages shook off a slow start on Friday and trended slightly higher for the rest of the day, ending near session highs.

The Dow added 149.60 points or 0.29 percent to finish at 52,637.01. while the NASDAQ gained 74.72 points or 0.29 percent to close at 26,281.61 and the S&P 500 rose 31.75 points or 0.42 percent to end at 7,575.39.

For the week, the tech-heavy NASDAQ surged 1.7 percent, the S&P 500 jumped 1.2 percent and the Dow advanced 0.5 percent.

The upward move on Wall Street partly reflected strength among some big-name tech stocks, including Meta Platforms (META), Nvidia (NVDA) and the U.S.-listed debut shares of SK Hynix.

However, traders largely seemed reluctant to make more significant moves ahead of the unofficial start of earnings season this week. Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan Chase (JPM), Wells Fargo (WFC), Johnson & Johnson (JNJ), UnitedHealth (UNH) and Netflix (NFLX) are among the companies due to report their quarterly results.

Crude oil prices slumped on Friday, thanks to efforts by third-party mediators to bring the U.S. and Iran back to the negotiating table. West Texas Intermediate crude for August delivery was down $0.75 or 1.04 percent at $71.33 per barrel.