S'pore shares soar by mid-session on hopes of continued easing from US Federal Reserve

Stock tickers along the wall at the Singapore Exchange Centre 1 building. Singapore shares were soaring mid-session on Thursday on hopes that the United States central bank would continue its massive money-printing programme and keep the global equit
Stock tickers along the wall at the Singapore Exchange Centre 1 building. Singapore shares were soaring mid-session on Thursday on hopes that the United States central bank would continue its massive money-printing programme and keep the global equity party going. -- ST FILE PHOTO: KUA CHEE SIONG

Singapore shares were soaring mid-session on Thursday on hopes that the United States central bank would continue its massive money-printing programme and keep the global equity party going.

The signs from Federal Reserve chairman Ben Bernanke have been mixed recently. On May 22 he hinted that the money-printing may soon be scaled back.

But on Wednesday he seemed to change tack, telling a conference that the US economy continues to need "highly accommodative monetary policy for the foreseeable future".

With market movements in recent years driven at least as much by "hot money" as by economic fundamentals, the Straits Times Index was up 45.43 points or 1.4 per cent to 3,233.47, at about 11.50am.

Across the market, gainers outnumbered losers 232 to 94.

Overseas Union Enterprise was up four cents or 1.4 per cent to $2.89. On Wednesday it lodged the preliminary prospectus for its upcoming OUE Hospitality Trust.