SINGAPORE – Gains on Wall Street overnight spurred local investors to send the market into the weekend with something of a spring in its step after a few mixed sessions.

The burst of optimism left the Straits Times Index (STI) up 1.2 per cent, or 36.47 points, to 3,110.73 on Dec 8 and ahead a smidgeon for the week.

Gainers well outpaced losers 357 to 215 on the broader market, with 1.3 billion shares worth $847 million changing hands.

STI’s gains were led in percentage terms by offshore and marine company Seatrium, which leapt 7.9 per cent to 10.9 cents with a striking 515.9 million shares traded.

The mainboard-listed group noted in November that it is heading for a full-year loss in 2023 despite its net order book growing to $17.7 billion.

Property developer UOL was the only STI constituent to retreat, falling 0.3 per cent to $6.02.

UOL and fellow developer Singapore Land announced in November that they had sold 57 per cent, or 102 of 180 units, of Watten House at a private preview.

The three local banks enjoyed robust gains. DBS Bank rose 1.35 per cent to $31.60, UOB climbed 1.4 per cent to $27.58, and OCBC Bank gained 1.1 per cent to close at $12.65.

Key indexes in the region ended the week mixed after big tech stocks led rises on Wall Street. The tech-heavy Nasdaq shot up 1.4 per cent, the S&P 500 rose 0.8 per cent to a near high for the year, while the Dow Jones Industrial Average gained 0.2 per cent.

South Korea’s Kospi rose 1 per cent, while the Hang Seng in Hong Kong and Bursa Malaysia edged down 0.1 per cent each. Australian shares were on a roll as well to rise 0.3 per cent – its highest level in more than 11 weeks.

Japan’s Nikkei 225, however, fell 1.7 per cent. THE BUSINESS TIMES