Singapore index rises on ECB easing, Wall Street gains

Singapore index rises on ECB easing, Wall Street gains
Comfort DelGro building along Braddell Road.

SINGAPORE - The Singapore index rose on Friday, snapping three straight sessions of losses, as shares rode on rising momentum in Asian markets after the European Central Bank released its latest stimulus package.

The benchmark Straits Times Index was up 0.5 per cent at 3,293.48, though it was little changed on the week, due mainly to a sharp fall on Wednesday. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.3 per cent.

Shares were also led higher by optimism in US markets, with the S&P 500 and Dow notching another record close.

"Markets are playing on a mixture of the ECB easing and Wall street," said OCBC investment analyst Carey Wong. "We think there are also more shorts being covered today."

ComfortDelgro Ltd shares led the gains on the index, rising 2.5 per cent to an intra-day high of S$2.47 as investors continued to pour into transport stocks. The stock was just one cent away from its record high hit in May 2007.

Banks also saw gains and were among the top traded stocks, with DBS Ltd rising 0.5 per cent, UOB Ltd edging up 0.7 per cent and OCBC Ltd 0.1 per cent firmer.

Commodities trader Olam International Ltd was down 1.2 per cent, after a surprise 9.9 per cent surge in late trading on Thursday.

Investors will be looking to the US payrolls report due later on Friday to gauge market performance next week.

 

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