Singapore stocks rise 1% to record 5,803 for third straight session

  • Singapore stocks climbed to a record high around noon Friday.
  • 55 points, or 1.0%, lifted the index to 5,803.
  • The index was heading for a 1.8% weekly gain after three sessions higher.

Singapore stocks climbed 55 points, or 1.0%, to a record 5,803 around noon Friday, extending gains for a third consecutive session. The broader index crossed 5,800 for the first time, supported mainly by communication, non-energy minerals and finance stocks. Gains were limited by higher oil prices, which heightened inflation concerns and reinforced expectations of an interest rate hike amid escalating Middle East tensions. Traders awaited Singapore’s July retail sales figures and U.S. jobs data later Friday, while caution grew ahead of China’s consumer and producer price figures and trade data due next week. Hong Kong Land, Yanzijiang Shipbuilding, City Developments, OCBC and UOB were among the early gainers. The index was heading for a 1.8% weekly advance.

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