Oil glut concerns on Friday roll off local stock market's back

Concerns about a global oversupply of oil rolled off the local stock market's back on Friday, as traders pinned their hopes on more monetary stimulus from Japan and Europe. -- PHOTO: ST FILE
Concerns about a global oversupply of oil rolled off the local stock market's back on Friday, as traders pinned their hopes on more monetary stimulus from Japan and Europe. -- PHOTO: ST FILE

SINGAPORE - Concerns about a global oversupply of oil rolled off the local stock market's back on Friday, as traders pinned their hopes on more monetary stimulus from Japan and Europe.

The benchmark Straits Times Index rose 0.3 per cent or 9.54 points to 3,350.50.

The index is also up 0.3 per cent since the start of the week.

About 1.19 billion shares worth $1.13 billion changed hands.

Losers outnumbered gainers at 202 to 165.

The most active stock was Catalist-listed APAC Strategic, which rose 0.4 cents to 5.1 cents on 90.5 million shares traded.

Markets across the rest of Asia were mixed. Hong Kong shed 0.1 per cent, Shanghai jumped 2 per cent and Tokyo climbed 1.2 per cent.

Oil prices dropped steeply on Friday after a cartel of 12 oil-producing countries decided on Thursday night Singapore time not to reduce oil production.