Singapore index rises on ECB easing, Wall Street gains

SINGAPORE, June 6 (Reuters) – The Singapore index rose on

Friday, snapping three straight sessions of losses, as shares

rode on rising momentum in Asian markets after the European

Central Bank released its latest stimulus package.

The benchmark Straits Times Index was up 0.5

percent at 3,293.48, though it was little changed on the week,

due mainly to a sharp fall on Wednesday. MSCI’s broadest index

of Asia-Pacific shares outside Japan added 0.3

percent.

Shares were also led higher by optimism in U.S. markets,

with the SP 500 and Dow notching another record

close.

“Markets are playing on a mixture of the ECB easing and Wall

street,” said OCBC investment analyst Carey Wong. “We think

there are also more shorts being covered today.”

ComfortDelgro Ltd shares led the gains on the

index, rising 2.5 percent to an intra-day high of S$2.47 as

investors continued to pour into transport stocks. The stock was

just one cent away from its record high hit in May 2007.

Banks also saw gains and were among the top traded stocks,

with DBS Ltd rising 0.5 percent, UOB Ltd

edging up 0.7 percent and OCBC Ltd 0.1 percent firmer.

Commodities trader Olam International Ltd was down

1.2 percent, after a surprise 9.9 percent surge in late trading

on Thursday.

Investors will be looking to the U.S. payrolls report due

later on Friday to gauge market performance next week.

ADVISORY: There will no longer be a Singapore midday stock

market reports from Monday, June 9. Please direct any queries to

Asia Markets Editor Nachum Kaplan at

nachum.kaplan@thomsonreuters.com

(Reporting by Andrew Toh; Editing by Anupama Dwivedi)

Singapore index rises on ECB easing, Wall Street gains