Singapore Stocks Rise on Friday
Market Wrap
SINGAPORE shares rose on Friday, with the Straits Times Index (STI) closing marginally higher after Wall Street was little changed overnight, post-Christmas.
Trading Volumes Dried Up
Trading volumes, as noted by SPI Asset Management’s managing partner Stephen Innes, dried up and stocks stalled on Wall Street. "With the calendar year winding down and little in the way of tier-one economic data, the market is content mainly to drift until something shakes it from its slumber…"
STI Performance
STI, Singapore’s blue-chip gauge, was 0.3 per cent or 10.18 points higher at 3,771.63 on Friday, and 1.4 per cent above last Friday’s close.
Gainers and Decliners
Gainers beat decliners 261 to 215 across the broader market, with 852.8 million securities valued at S$538.9 million being transacted.
Market Highlights
- Technology solutions provider CSE Global closed 5.4 per cent or S$0.025 lower at S$0.435, after it said on Friday morning that its financial performance for the current financial year ending Dec 31 may be affected by a lawsuit its unit intends to file in the US.
- The company cautioned that if it doesn’t succeed in the lawsuit, or is unable to recover the full US$6 million, there could be an impact on its financial performance.
- Singapore Post slid 1 per cent or S$0.005 to S$0.52, capping an erratic trading week that began with a high-profile weekend firing of three senior executives, including group chief executive Vincent Phang. Its share price dived almost 11 per cent on Monday, but rebounded throughout the week. Shares of the national postal service provider are now 7.1 per cent lower than last Friday’s close.
Conclusion
The Singapore stock market closed marginally higher on Friday, with a majority of stocks gaining. The market is expected to remain sluggish until significant economic data is released.
FAQs
Q: What was the performance of the Singapore stock market on Friday?
A: The STI closed 0.3 per cent higher at 3,771.63.
Q: How many securities were traded on Friday?
A: 852.8 million securities valued at S$538.9 million were traded.
Q: Which stocks had significant movements on Friday?
A: CSE Global and Singapore Post had notable price movements.
Q: What is the impact of the lawsuit on CSE Global’s financial performance?
A: If CSE Global doesn’t succeed in the lawsuit or is unable to recover the full US$6 million, there could be an impact on its financial performance.
