STI ends week on a higher note

While oil prices continue its slide, local shares joined regional markets in a rebound as investors caught a glimpse of a brighter economic outlook from the latest United States data. -- PHOTO: ST FILE
While oil prices continue its slide, local shares joined regional markets in a rebound as investors caught a glimpse of a brighter economic outlook from the latest United States data. -- PHOTO: ST FILE

SINGAPORE - While oil prices continue its slide, local shares joined regional markets in a rebound as investors caught a glimpse of a brighter economic outlook from the latest United States data.

The benchmark Straits Times Index closed 5.43 points or 0.16 per cent higher at 3,324.13 on Friday.

The lift for the STI came from the release on Thursday of positive US retail sales for November, which had helped lift the Dow by 0.36 per cent that day.

But further declines in the oil price, with Brent futures briefly touching US$63 per barrel - a five and a half year low - dampened sentiment on the local bourse.

Oil-related counters notched up losses, with Ezion dropping two cents to $1.06. SembCorp Marine lost one cent and closed at $2.89, while Keppel Corp dropped 11 cents to $8.10. Nam Cheong however managed to gain 0.5 cent, closing at 31 cents.

Among the banking stocks, DBS Group Holdings rose 30 cents to $20.10, United Overseas Bank dropped 20 cents to $24.35 after reaching an all-time high on Wednesday, while OCBC Bank was down two cents to close at $10.46.

Keppel DC Reit made its SGX debut yesterday. The first pure-play data centre real estate investment trust in Asia began trading yesterday at 2pm. It opened at 98 cents, hitting a high of 98.5 cents later. The counter eased and ended the day 3.5 cents higher at 96.5 cents. Volume traded was 105 million shares.