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Singapore shares rose by midday on Friday as U.S. data boosted general sentiment, with gains seen in property counters and offshore services firms, and traders said the Straits Times Index could rise further in the afternoon.
By the lunch break, the STI <.FTSTI> was up 0.6%, or 18.87 points, at 3,144.66. The total value of shares traded in the morning session was $798.9 million, around 27% higher than $630.1 million on Thursday.
By the lunch break, the STI <.FTSTI> was up 0.6%, or 18.87 points, at 3,144.66. The total value of shares traded in the morning session was $798.9 million, around 27% higher than $630.1 million on Thursday.
Local traders said there could be more upside after the break, though it may be capped at around 3,160 points.
“The U.S. market was very strong so there has been positive impact on the Singapore market,” said Leng Seng Choon, an analyst at DMG & Partners Research. “But there is still some caution in the investment community about the U.S. economy and Europe’s debt problem.”
Shares of Singapore property developer CapitaLand (CATL.SI) rose as much as 3.7% on views that the stock was undervalued amid a stabilising policy environment in China.
