Stocks end week on strong note as Wall Street rally continues

Local shares took their cue from a positive session on Wall Street to end a rocky week on a high note.

The mood swing sent the Straits Time Index (STI) up 0.9 per cent to close at 3,181.34 points with gainers outnumbering losers 262 to 153 on trade of 1.3 billion shares worth $912.5 million.

The strong showing capped five days of see-saw performances for the benchmark index, with the STI eventually ending up 2.7 per cent or 82.19 points for the week.

"Asian markets are mostly higher today, content to follow Wall Street's overnight rally," said Oanda senior market analyst Jeffrey Halley.

"The fall of oil prices overnight is also supportive of Asian markets, although weekend event risk may also be staying investors' hands."

Elsewhere, Japan's Nikkei 225 index, Hong Kong's Hang Seng Index, the FTSE Bursa Malaysia KLCI and the Jakarta Composite rose between 0.2 per cent and 1.1 per cent but South Korea's Kospi bucked the trend, falling 0.7 per cent.

Australian shares closed flat - down just 2.8 points - but gained 2.8 per cent for the week, its best since mid-March. It came after a solid session on Wall Street with the three main indexes up between 0.5 per cent and 1.4 per cent.

The top performer among Singapore blue-chips was resort operator Genting Singapore. It rose 4.5 per cent to 81 cents and was also the most heavily traded STI stock.

The uptick comes after competitor Marina Bay Sands saw a recovery in its earnings in the second quarter of 2022. Maybank has also upgraded Genting Singapore to "buy" with a higher target price.

At the bottom of the table were Singtel and Sats, which both fell 0.8 per cent. Telco Singtel closed at $2.65, while ground handler Sats ended at $3.99.

The trio of local banks all finished higher. DBS Bank gained 1.9 per cent to $31.26, UOB rose 1.3 per cent to $27.46, and OCBC Bank closed up 0.9 per cent at $11.48.