Singapore shares ended higher Friday, tracking gains in regional peers, after the city-state reported stronger-than-expected economic growth for the first quarter.
Investors initially cheered stronger U.S. stocks and the domestic gross domestic product reading, though the optimism faded later in the session amid weak opens on European bourses, weighed by China's reporting of slower-than-expected growth in the first quarter.
The 30-share Straits Times Index closed up 0.3%, or 9.68 points, at 2,987.82, having risen as much as 0.9% earlier in the day. The index was little changed for the full week, adding just 1.62 points.
"The market is waiting on earnings," said Lee Kok Joo, head of research at Phillip Securities, adding U.S. companies have just started reporting results. "On the Asian side, we're taking our cue from U.S. earnings." CIMB said "if the bulls can muster one last push, then a breakout above (the 3,035 resistance level) could send (the index) higher towards 3,060-3,095 next." The house tipped initial support for the STI at 2,974. In the broader market, volume rose to 4.53 billion shares from 3.3 billion on Thursday, while gainers outnumbered decliners 230 to 169.
Rigbuilders led gains on the benchmark index, with Sembcorp Marine adding 2.7% to S$5.30. Peer Keppel Corp. advanced 2% to S$11.46 after announcing after the market closed Thursday that its unit secured a preliminary rig-building order worth about US$4.12 billion from Sete Brasil Participacoes SA, a drilling-rig holding company partly owned by Brazilian oil giant Petroleo Brasileiro SA, or Petrobras.
Keppel has capacity to undertake more projects without overextending its resources as some rigs will be delivered this year, DMG & Partners said in a note, adding "we believe Keppel is well-positioned to win more jobs from Petrobras." The house added it expects Keppel to win another S$5 billion of orders in 2012 amid strong shipyard tendering activities.
Banks also did well, with United Overseas Bank rising 1% to S$18.50, and DBS Group Holdings advancing 0.5% to S$13.48. But Oversea-Chinese Banking Corp. ended unchanged at S$8.83.
Several commodity counters ended lower, including palm oil producer Golden Agri-Resources, which fell 2% to S$0.755. Noble Group closed 1.5% lower at S$1.31, while Wilmar International retreated 0.6% to S$4.82.
Just to share the summary sent by my broker to me. I doubt that the palm oil related shares ended lower are due to the newly listed IPO - Bumitama? Anyway i will conclude this week as no break through but the STI index remains sideway.
No comments:
Post a Comment