Local stocks up 0.77% on encouraging stimulus comments

The local stock market recovered lost ground on Thursday, amid jubilation across global markets after the next head of the Federal Reserve made comments indicating that she will continue with the Fed's stimulus policies.

The benchmark Straits Times Index rose 24.34 points, or 0.77 per cent, to close at 3,191.08.

Ms Janet Yellen, US President Barack Obama's nominee to head the Fed after current chief Ben Bernanke steps down, wrote in a prepared speech that she is delivering tonight that the world's largest economy needs to recover more before stimulus policies can be withdrawn.

There were 211 gainers at home, outnumbering 191 losers.

SingHaiyi Group was the most active stock, rising 0.1 cent to 2.3 cents.