Local investors certainly had a week to cheer about after shares ended higher yesterday for the fifth session in a row.
It was no minor increase either, with the Straits Times Index (STI) shooting up 1.6 per cent, or 44.3 points, to 2,751.50.
Gainers easily outpaced losers 347 to 140, with 1.49 billion shares worth $1.66 billion changing hands.
The blue-chip index built on gains in the afternoon after a muted start to the day following a dip on Wall Street as pessimism on last month's jobs report weighed on the trading session.
Meanwhile, strong stimulus support continues to boost sentiments elsewhere. The European Central Bank approved a €130 billion (S$205 billion) package that surpassed expectations, while the White House is expected to spend up to US$1 trillion (S$1.4 trillion) in another round of pump-priming.
AxiCorp chief global markets strategist Stephen Innes said: "Liquidity supports risk assets as stimulus impetus becomes too hard to fight, although scepticism remains high on the critic's list for a rapid return to economic normalcy." While "upward momentum in risk appetite has faltered slightly", Mr Innes noted that markets have been willing to look past weak economic data by focusing on the recovery phase.
Jardine Matheson Holdings was the best-performing stock among STI constituents, gaining 4.7 per cent to US$44.50.
Singapore Airlines was at the other end of the scale, falling 1.1 per cent to $4.33.
The only other two STI stocks that ended in the red were Singapore Press Holdings (SPH), down 0.7 per cent to $1.36, and Wilmar International, off 0.5 per cent at $4.07.
SPH was among the heavily traded stocks, following news that Mapletree Industrial Trust will replace the media and property group on the benchmark STI from June 22.
Mapletree Industrial Trust rose 3.8 per cent to $2.75.
The most active counter was Singtel, gaining 1.9 per cent to $2.63, with 36 million shares done.
With the exception of Malaysia, the STI's performance was in line with regional benchmarks, which sustained their rallies.
Hong Kong was 1.66 per cent higher and South Korea closed up 1.43 per cent, its highest since Feb 21 and almost 50 per cent up from the year's lows.
Japan gained 0.74 per cent and Australia inched up 0.12 per cent.
Malaysia snapped a seven-day winning streak and edged 0.35 per cent lower. Indonesian shares posted a weekly rise of 4.1 per cent, boosted by fiscal measures announced by the government earlier in the week.
