To The Moon

The Singapore stock market has moved higher in two straight sessions, advancing more than 50 points or 1.6 percent along the way. The Straits Times Index now rests just above the 3,230-point plateau and it's expected to add to its winnings on Monday.

The global forecast for the Asian markets is upbeat is easing concerns for the outlook of interest rates, with technology stocks expected to lead the way higher. The European and U.S. markets were up and the Asian bourses are expected to open in a similar fashion.

The STI finished modestly higher on Friday following gains from the financial shares, plantation stocks and industrial issues.

For the day, the index improved 21.37 points or 0.67 percent to finish at 3,230.55 after trading between 3,218.72 and 3,233.73. Volume was 1.4 billion shares worth 1.08 billion Singapore dollars. There were 288 gainers and 166 decliners.

Among the actives, Ascendas REIT and DFI Retail both jumped 1.49 percent, while CapitaLand Integrated Commercial Trust increased 0.45 percent, CapitaLand Investment soared 1.83 percent, City Developments rose 0.49 percent, Comfort DelGro shed 0.68 percent, DBS Group was up 0.23 percent, Genting Singapore lost 0.63 percent, Hongkong Land gathered 0.65 percent, Keppel Corp improved 0.44 percent, Mapletree Commercial Trust spiked 1.72 percent, Mapletree Logistics Trust surged 1.89 percent, Oversea-Chinese Banking Corporation collected 0.34 percent, SATS and SingTel both dropped 1.10 percent, Singapore Exchange gained 0.51 percent, Singapore Technologies Engineering climbed 1.25 percent, Thai Beverage rallied 1.45 percent, United Overseas Bank advanced 0.93 percent, Wilmar International added 0.73 percent, Yangzijiang Financial plunged 3.09 percent, Yangzijiang Shipbuilding accelerated 1.66 percent and Mapletree Industrial Trust and SembCorp Industries were unchanged.

The lead from Wall Street is broadly positive as the major averages opened solidly higher on Friday and picked up steam as the day progressed, finishing sharply higher.

The Dow surged 575.76 points or 1.76 percent to finish at 33,212.96, while the NASDAQ soared 390.43 points or 3.33 percent to end at 12,131.13 and the S&P 500 spiked 100.40 points or 2.47 percent to close at 4,158.24.

For the week, the Dow soared 6.2 percent, the NASDAQ rallied 6.8 percent and the S&P gained 6.6 percent.

The continued strength on Wall Street followed a Commerce Department report showing a slowdown in the pace of core consumer price growth in April. The data contributed to optimism that the Fed will slow the pace of monetary policy tightening in the second half of the year.

Crude oil prices climbed higher on Friday amid rising hopes about increased demand for fuel during the summer season, and the prospect of an EU ban on Russian oil. West Texas Intermediate Crude oil futures for July ended higher by $0.98 or 0.9 percent at $115.07 a barrel.