Singapore Market extends gain

The Singapore stock market finished session higher on Friday, 09 December 2022, extending yesterday rally, as investors took heart from overnight rally on Wall Street and on expectations China's economy would strengthen as authorities unwind COVID-19 curbs.

At closing bell, the Straits Times Index (STI) index was up 9.89 points or 0.31% to 3,245.97 after trading between 3,235.82 and 3,248.03. Volume was 1.31 billion shares worth S$1 billion changed hands. There were 308 gainers and 207 decliners.

The top performing stock in Straits Times Index was SATS which rose 4.84%, while the bottom performing stock was SIA, falling 1.26%.

The local banks were higher. DBS added 0.1%, while UOB added 1.04% and OCBC Bank rose 0.4%.

Wall Street closed higher on Thursday, as an increase in U.S. jobless claims raised hopes that interest rate hikes in the country could cease earlier than expected, easing fears over a potential recession in the world's largest economy. At the close of trade, the Dow Jones Industrial Average index was up 183.56 points, or 0.55%, to 33,781.48. The S&P500 index increased by 29.59 points, or 0.75%, to 3,963.51. The tech-heavy Nasdaq Composite Index inclined by 123.45 points, or 1.13%, to 11,082.

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