Singapore shares ended slightly stronger Friday, helped in part by some end of month and end of quarter tweaks to investor portfolios as well as some bargain hunting after the selloff of the past two sessions.
The 30-share Straits Times Index rose 0.6%, or 16.37 points, to 3,010.46. Over the first quarter, the index has risen 13.8% driven by renewed optimism about the recovery of the U.S. economy and stabilization of the eurozone's fiscal woes.
In the broader market, end of quarter volume was robust with 2.02 billion shares compared with 1.63 billion shares Thursday. Gainers outnumbered decliners 208 to 155.
Despite the modest gains, UOB said while "it is evident that the first quarter is certainly ending on a weak note, with increasing concerns about developments in China and Europe." OCBC expects support around the STI's recent 2,975 trough and then the 2,900 level. Resistance is likely at the 3,030 mark and the 3,075. "This rally has by no means been in a straight line with a few dips along the way," Avis Wang of IG Markets said. "But the general direction has been north which will please the bulls as we head into Q2. Profit-taking and some jitters, notably from China's slowdown, have stopped the STI pushing off the 3,000 level but risk is no longer a dirty word."
Cyclical stocks that were hit in Wednesday and Thursday's sell off made some recovery with Olam International up 1.28% at S$2.37, CapitaLand 0.7% higher at S$3.09 and Golden Agri-Resources up 0.7% at S$0.775. Neptune Orient Lines rose 1.1% to S$1.415.
Biomedical listing Cordlife, which debuted on the exchange Thursday, climbed 6.6% to S$0.725, adding to its 37% rise Thursday, as investors pushed up the first new listing of 2012.
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