STI edges up at opening bell after US Fed rate hike

The STI edged up 0.15 per cent in the opening minutes on Thursday to 2,845.24, with banks rising.
The STI edged up 0.15 per cent in the opening minutes on Thursday to 2,845.24, with banks rising.PHOTO: ST FILE

SINGAPORE - The benchmark Straits Times Index rose at the opening on Thursday (Dec17), following other Asian markets which also celebrated the US Federal Reserve's decision to raise interest rates for the first time in nearly a decade.

The STI edged up 0.15 per cent in the opening minutes on Thursday to 2,845.24, with banks rising.

UOB rose 6 cents to $19.14, while OCBC gained 3 cents to $8.680.

Elsewhere in Asia, markets bounced up after the US Federal Reserve hiked rates by 0.25 per cent, the first time in since 2006, marking the end of an extraordinary period of near zero interest rates.

 

But investors also paid attention to the cautious language that the US Fed, with many investors expecting that the Fed will move slowly on further rate hikes.

Tokyo was up 2.21 per cent to 19450.34 points, while Sydney also rose 1.45 per cent to 5101.40 points.

Overnight, the Dow Jones Industrial Index closed nearly 200 points higher following the US Fed move.