Singapore shares closed 0.23 percent higher on Friday, after U.S. shares extended a five-day winning streak on Wednesday.
U.S. weekly jobless claims fell to 280,000, in a fourth straight week of declines and beating market forecasts. The strong reading followed Tuesday's final estimate of U.S. third-quarter economic growth showing the quickest pace in over a decade.
But crude oil prices dropped, with Brent oil trading around 60 U.S. dollars per barrel, on strong supply in the United States and the strength of greenback, which makes commodities priced in the greenback more expensive for holders of other currencies. Oil has fallen some 46 percent from this year's peak in June.
Market trading was quiet as the holiday season kept a number of markets across the region closed, and there was no overnight guidance from the United States or Europe. Markets in China's Hong Kong and Australia remained closed for the Christmas period.
Voyage Research said "the Straits Times Index has slowly moved closer to resistance level of 3,360 points with just 15 points away, so we expect the index to moderately rise from this current level of 3,345 points."
Singapore's benchmark Straits Times Index rose 7.77 points to 3, 353.68 points. Trading volume was merely 775 million shares worth 395 million Singapore dollars. Advancers outnumbered decliners 189 to 184, while 567 stocks did not move.
Wee Hur Holdings Limited closed flat at 37.5 Singapore cents. It announced it has acquired a plot of land in Brisbane, Australia for about 51.3 million Australian dollars. This is its first land acquisition in Australia. The land is 3 km southeast of Brisbane's central business district. There is also another additional 2,194 square kilometers that Wee Hur needs to acquire for 5.2 million Australian dollars. The intention is to develop the land into a mixed-use development with residential, retail and office units.
Among top gainers, Jardine Matheson rose 0.3 percent to 60.19 U. S. dollars, while Keppel Corporation became one of the top losers by falling 1.4 percent to 8.75 Singapore dollars. (1 U.S. dollar equals to 1.231 Australian dollars and 1.32 Singapore dollars)