SGX clocks 4th straight weekly gain; Sembcorp Marine soars 10%

Singapore stock exchange
An SGX sign is pictured at Singapore Stock Exchange Reuters

Singapore shares ended higher for a fourth consecutive week on Friday, helped by gains in lenders such as OCBC and DBS Group Holdings.

Asian shares hit fresh record highs and were headed for a sixth week of gains.

Risk appetite improved on optimism over global economic growth and improved corporate earnings. China's better-than-expected growth data further supported sentiment.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.3 percent to a record top. The index had climbed 1.2 percent on the week, during which it rode a surge in global equities, Reuters data showed.

The Straits Times Index jumped 0.82 percent or 29 points to 3,550. It ended 0.58 percent lower on Thursday, taking the year-to-date gains to about 3.5 percent.

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The city-state's top lenders Oversea-Chinese Banking Corp gained about 1.2 percent while United Overseas Bank and DBS Group Holdings rose 0.4 percent and 1.1 percent.

Active stocks included, IPCO International climbing 33 percent to S$0.004 while Blumont Group gained 50 percent to S$0.01.

Shares in Sembcorp Marine jumped 10 percent following an upgrade by Nomura.

Utilities and integrated services provider Sembcorp Industries jumped 4.3 percent amidst speculation about a spin-off in India. The company clarified to say "there are no developments" with regards to the initial public offer plans of a Sembcorp unit in India.

About 1.4 billion shares worth S$1.4 billion changed hands, with gainers outnumbering losers 271 to 165.

This article was first published on January 19, 2018