FX.co ★ Higher Open Anticipated For Singapore Stock Market

On Friday, the Singapore stock market broke a two-day decline that had seen a drop of nearly 20 points or 0.6 percent. The Straits Times Index (STI) now hovers just above the 3,745-point mark, with expectations for further strength on Monday.

The global market outlook is optimistic, bolstered by rising oil prices. European and U.S. markets made gains on Friday, and Asian markets are projected to follow suit on Monday.

The STI ended Friday slightly up, with industrial sectors gaining ground and mixed results in financial and property stocks. Specifically, the index increased by 6.80 points or 0.18 percent to close at 3,746.02, after fluctuating between 3,738.75 and 3,755.04 during the day.

In terms of individual movers: City Developments rose by 0.39 percent, Comfort DelGro increased by 0.68 percent, while DBS Group fell by 0.54 percent, and DFI Retail decreased by 1.57 percent. Frasers Logistics & Commercial Trust experienced a sharp drop of 2.67 percent, whereas Genting Singapore saw a 1.97 percent increase. Hongkong Land dipped by 1.06 percent, and Keppel DC REIT fell by 1.33 percent. Conversely, Keppel Ltd recorded a gain of 1.37 percent. Meanwhile, Mapletree Industrial Trust fell by 0.44 percent, and Mapletree Logistics Trust decreased by 0.79 percent. Oversea-Chinese Banking Corporation rose by 0.18 percent, SembCorp Industries inched up by 0.19 percent, Singapore Technologies Engineering improved by 1.52 percent, Thai Beverage surged 1.94 percent, Wilmar International was up by 0.33 percent, and Yangzijiang Shipbuilding advanced by 0.75 percent. Companies such as CapitaLand Integrated Commercial Trust, CapitaLand Investment, SATS, Seatrium Limited, Yangzijiang Financial, Mapletree Pan Asia Commercial Trust, SingTel, Emperador, Frasers Centrepoint Trust, and Jardine Cycle remained unchanged.

Wall Street presents a positive lead, as major indices opened higher on Friday and sustained those gains throughout the session, closing in positive territory. The Dow Jones Industrial Average surged 426.16 points or 0.97 percent, setting a new record at 44,296.51. Meanwhile, the NASDAQ rose by 31.23 points or 0.16 percent to close at 19,003.65, and the S&P 500 increased by 20.63 points or 0.35 percent to end at 5,969.34.

Over the week, the Dow experienced a 2.0 percent increase, while both the NASDAQ and the S&P 500 saw a 1.7 percent rise. The market's advancements occurred despite a notable drop in Nvidia's stock by 3.2 percent, following its higher-than-expected third-quarter earnings and revenue.

In U.S. economic developments, revised data from the University of Michigan indicated that consumer sentiment rose less than anticipated in November, although the index still reached its highest point since April.

Oil prices climbed on Friday due to heightened concerns over the Russia-Ukraine situation. West Texas Intermediate (WTI) crude oil futures for January closed at $71.24 a barrel, increasing by $1.14 or 1.6 percent. Over the week, WTI crude futures rose by 6.5 percent.

Locally, Singapore is set to release October's consumer price data today. In September, overall inflation increased by 0.3 percent month-over-month and 2.0 percent year-over-year, with core consumer price index (CPI) reflecting an annual rise of 2.8 percent.