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Singapore stocks extend rally; STI resumes afternoon up 1.7%

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EXPECTATIONS that US interest rates will stay lower for longer lifted Singapore shares on Friday, in line with most Asian markets. Read more at The Business Times.

The benchmark Straits Times Index advanced 43.69 points or 1.7 per cent to 2,563.50 as at 1.03pm.

Gainers outpaced losers 233 to 144, with some 1.53 billion securities worth S$628.9 million changing hands. Among the index securities, the most heavily traded counters by volume were Thai Beverage, which rose 0.5 Singapore cent or 0.8 per cent to 61.5 cents, with 27.7 million shares traded, while Singtel added S$0.03 or 1.3 per cent to S$2.32, with 13 million shares traded.

Also buttressing the STI was the trio of local lenders. DBS jumped S$0.51 or 2.5 per cent to S$20.97, United Overseas Bank rose S$0.39 or 2 per cent to S$19.87, while OCBC Bank surged S$0.19 or 2.2 per cent to S$8.80. Other active securities included Singapore Airlines which gained S$0.11 or 3 per cent to S$3.74, while Mapletree Logistics Trust added S$0.06 or 2.9 per cent to S$2.10.Elsewhere in the region,Hong Kong rose 0.6 per cent, while Seoul jumped more than 1 per cent, Reuters reported in its Asia wrap just before noon on Friday.. The Nikkei dropped 2.1 per cent by the afternoon trade, reversing earlier gains.

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