Singapore shares ended
higher Friday buoyed by positive China GDP growth figures and the expectation
of further signs of improvement in the U.S. economy next week.
The 30-share Straits Times Index ended up 17.02 points, or 0.53%, at 3212.12--close to its highest level for the day.
The gains were in line with regional bourses which got a boost from a brightening Chinese economy as China reported 7.9% on-year GDP growth in the first quarter--the first such on-year rise since the fourth quarter of 2010.
U.S. corporate earnings and economic data will set the tone, said Ng Kian Teck, an analyst at SIAS Research. U.S. December existing home sales data are due Tuesday and new house price data Wednesday. "We expect to see further recovery in U.S. new and existing home sales and home prices data," Macquarie analysts wrote in an investor note.
Global Logistic Properties Ltd., very active as a warehouse developer in China, was among the biggest gainers in the STI adding 1.1% to close at S$2.75. The stock got upgraded Friday by Daiwa who wrote that the company's "unwavering focus on developments paves the way for strong EPS growth from FY15."
Property stocks--which have had a bumpy ride since the Singapore authorities introduced new property curbs last week--slid back again, with City Developments Ltd. the biggest decliner among STI components. It shed 1.20% to close at S$11.40.
The 30-share Straits Times Index ended up 17.02 points, or 0.53%, at 3212.12--close to its highest level for the day.
The gains were in line with regional bourses which got a boost from a brightening Chinese economy as China reported 7.9% on-year GDP growth in the first quarter--the first such on-year rise since the fourth quarter of 2010.
U.S. corporate earnings and economic data will set the tone, said Ng Kian Teck, an analyst at SIAS Research. U.S. December existing home sales data are due Tuesday and new house price data Wednesday. "We expect to see further recovery in U.S. new and existing home sales and home prices data," Macquarie analysts wrote in an investor note.
Global Logistic Properties Ltd., very active as a warehouse developer in China, was among the biggest gainers in the STI adding 1.1% to close at S$2.75. The stock got upgraded Friday by Daiwa who wrote that the company's "unwavering focus on developments paves the way for strong EPS growth from FY15."
Property stocks--which have had a bumpy ride since the Singapore authorities introduced new property curbs last week--slid back again, with City Developments Ltd. the biggest decliner among STI components. It shed 1.20% to close at S$11.40.
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