Oil price slides lift Singapore shares; STI closes 0.4% higher
Friday, August 05, 2022       17:07 WIB

ASIAN markets were in rally mode as oil prices slid overnight, with Singapore's Straits Times Index (STI) rising 13.02 points or 0.4 per cent to 3,282.88 points on Friday (Aug 5).
The STI rose 2.2 per cent over the week, uplifted by bullishness in banking counters, amid heightened geopolitical tensions.
Senior market analyst Jeffrey Halley at Oanda said the gains in Asian markets could be attributed to the decline in oil futures overnight. Oil prices were at their lowest levels logged before Russia's February invasion of Ukraine, as traders fretted over the possibility of a late-year recession that could torpedo energy demand.
Lower crude oil prices might mean that inflation is peaking as well, translating to possibly smaller rate hikes by central banks.
Meanwhile, markets are awaiting the non-farm payroll data to be released by the United States on Friday, which would reinforce various Federal Reserve central bankers' recent hawkish rhetoric -- if the measure shows that employment is going strong. Several central bankers have said that bigger interest rate hikes would be needed to lower runaway inflation.
The stock of top STI performer Wilmar International : F34 +4.12% notched a gain of 4.1 per cent to S$4.30, after : F34 +4.12%reporting a 55.1 per cent jump in net profit for the first half of FY2022 to June. The company released its financial performance on Thursday evening and attributed the better showing to improvements across all key business segments and higher contributions from associates and joint ventures. Net profit rose to US$1.2 billion from US$750.9 million a year ago.
The counter that topped the most active trading in the broader market was mainboard-listed food-technology company Oceanus Group : 579 -5.56%, which had a trading volume of 99.5 million when it closed 5.6 per cent lower at S$0.017.
Decliners trailed gainers 185 to 281, as 1.62 billion securities with a total value of S$1.07 billion were transacted.

Sumber : businesstimes.com.sg