SINGAPORE (THE BUSINESS TIMES) - The Straits Times Index (STI) gained 36.01 points or 1.3 per cent to 2,813.01 on Friday, on the back of a modest overnight rebound by US stocks that was led by tech stocks.
On the Singapore bourse, about 2.78 billion shares worth S$1.52 billion changed hands. Gainers outnumbered losers 322 to 125.
The largest gainer on the index was Jardine Matheson, which added 4.8 per cent to US$53.68, following a series of share buybacks by the company.
Retailer group Dairy Farm International continued its descent, finishing 1.84 per cent lower at US$4.27, still coming off its peak of US$4.85 on Nov 11.
Oceanus was the most active counter of the day, trading strong with a volume of 642.7 million shares, as its shares added 22.22 per cent to S$0.022. They have been rallying since Nov 9, when the seafood and consumer goods firm posted its highest revenue since FY 2011 for the nine months ended Sept 30; the company also returned to the black in Q3.
Shares of Blumont also saw high trading volume, with 302.9 million shares changing hands as its share price added 75 per cent to S$0.007, after a offer for the firm was made this week but at an approximately 80 per cent discount.
Over this week, the STI gained 3.75 per cent, with four days of gains and just one day of loss.
Around the region, markets finished mixed on the relatively data-light trading day. The Shanghai Composite added 0.44 per cent, while the Hang Seng Index added 0.36 per cent. Malaysia's KLCI also added 0.64 per cent, but the Nikkei 225 shed 0.42 per cent
Investors are keeping an eye on Washington, where talks are due to resume on a new rescue package for the world's top economy.
Oanda's Edward Moya said: "A lot will need to go right, but the economic pain of many small businesses across several industries should keep Congress motivated in getting a deal done."
Additional information from AFP