SINGAPORE, May 9 — Singapore shares rose today, snapping a 10-session losing streak, helped by a rally in US stocks late last week, while most other South-east Asian markets suffered losses.

US stocks bounced back on Friday from early losses to close higher as investors viewed the day’s jobs data as less disappointing than first thought.

Singapore’s Straight Time Index rose slightly in early trading, after ending down 1.3 per cent at its lowest close since March 2, Thomson Reuters data showed.

It fell for the tenth straight session on Friday, its longest falling streak since August-September 2002, data showed.

“Singapore stock market opened higher as positive sentiments spilled over from the positive US close last Friday,” said Hong Wei Wong, an analyst at KGI Frasers Securities.

“However, investors may take the opportunity to sell into rallies due to the weak economic outlook ahead.” Shares of Singapore oil-rig firm Keppel Corp rose as much as 1.9 per cent, while Sembcorp Marine rose 2.2 per cent.

Indonesian shares fell as much as much as 1.2 per cent, led by consumer non-cyclicals, while Malaysia’s FTSE Bursa Malaysia KLCI Index fell as basic materials stocks lost ground. Indonesian natural gas distributor PT Perusahaan Gas Negara’s shares fell as much as 2.8 per cent.

The Philippine market remained closed for Presidential elections for which Rodrigo Duterte, mayor of the southern city of Davao, has emerged as the front runner.

The Philippine Stock Exchange fell 2.3 per cent last week. “There is increasing jitters over the upcoming presidential elections as the economic policies of the current front runner — Rodrigo Duterte — remain unknown,” Maybank said in a note to clients.

“Our study showed that there is a tendency for equities to be sold-off in the lead-up to the elections and for at least another six months after the elections as a result of the uncertainty surrounding the policies of the incoming president.”  — Reuters