Singapore stocks snap 2-day fall; financials lend support

Asian shares edged higher, helped in part by U.S. earnings optimism and rally in global crude prices

SGX Logo. Reuters

Singapore shares snapped two-day decline on Friday, led by financials and industrials after city-state's retail sales in November jumped the highest in nearly 2 years.

Asian shares edged higher, helped in part by U.S. earnings optimism and a rally in global crude prices, which rose to three-year highs.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5 percent, following two straight sessions of decline. Japan's Nikkei dipped 0.1 percent, Reuters data showed.

At 0540 GMT, the Straits Times Index was up 0.26 percent or 9 points to 3,521. It ended 0.22 percent lower on Thursday.

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Among the lenders, Oversea-Chinese Banking Corp added 0.7 percent, United Overseas Bank gained 0.9 percent while DBS Group Holdings dropped 0.3 percent.

Active stocks included, InnoPac climbing 50 percent to S$0.003 while Blumont declined 14 percent to S0.006 in afternoon trades.

Singapore's largest taxi company ComfortDelGro gained 0.5 percent amidst reports company is set to introduce dynamic fare pricing for its 13,600 cabs from January 19.

Diversified real estate firm SingHaiyi Group jumped 4.3 percent after saying it would buy Park West property at Jalan Lempeng for S$840.9 million after a tender submitted by its joint-venture company was accepted by the owners of the property.

Far East Hospitality Real Estate Investment Trust (Far East H-REIT) on Friday said it entered into an agreement with Far East SOHO to acquire a 65-year leasehold estate in Oasia Hotel Downtown for S$210 million. Shares in the company, however, fell 0.7 percent.

About 1.6 billion shares worth S$602 million changed hands, with losers outnumbering gainers 218 to 144.

This article was first published on January 12, 2018