The 30-share Straits Times Index ended up 28.91 points, or
0.9%, at 3107.11, after touching an intraday high of 3110.51, within spitting
distance of its 3110.86 year-to-date high. The index is up 1.2% for the week;
it has risen in 12 of the last 15 sessions.
"Traders anticipated some good numbers out of the
Chinese economy this weekend. The local market was also buoyed by
better-than-expected U.S. jobless claims last night," said Justin Harper,
market strategist at IG Markets Singapore, in a note, citing China's retail
sales and industrial production as among the data due Sunday. "For this
bullish undertone to spark life into an end-of-year rally, we will need to see
more progress on U.S.
fiscal cliff talks very soon. And a strong read for tonight's non-farm payrolls
report would help, once the Superstorm Sandy effect is factored in," he
added.
Volume ticked up slightly from Thursday, with 1.95 billion
shares valued at S$1.51 billion changing hands.
Sembcorp Marine gained 2.0% to S$4.51 after landing a contract
worth US$434 million to construct two jack-up rigs for Mexico 's
Integradora de Servicios Petroleros Oro Negro, with delivery scheduled for the
fourth quarter of 2013 and the first quarter of 2014. "(The pricing is)
slightly higher than what we expected, but for the early delivery, it's in line
with expectations. I think the margins on these two rigs will be pretty
good," an analyst said, noting Oro Negro is a new client.
Olam received a respite from its recent declines, ending up
0.7% at S$1.46, but it remains down 16.1% since Nov. 19, when negative comments
from short seller Muddy Waters' founder Carson Block first surfaced. Macquarie downgraded Olam to Neutral from Outperform.
"Muddy Waters' call for insolvency is a stretch. But we must accept that
Olam's transformation projects are taking longer than we expected to come
through," the house said in a note.
Singapore Press Holdings was the worst-performing STI
component, shedding 4.1%, or 17 Singapore
cents, to S$4.01 as it went ex-dividend for its planned 17-cent dividend
payment. UOB KayHian said its monthly page-count monitor of SPH's flagship
Straits Times suggests decent advertising-spend growth of 3%-5% on year in
September-November. But the house kept a Hold call as it expects the muted
advertising revenue growth to cap any gains.
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