Singapore shares rise ahead of US Fed meeting; STI up 0.4%
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The Straits Times Index has risen 0.4 per cent or 12.11 points to end Dec 12 at 3,102.31.
ST PHOTO: LIM YAOHUI
Megan Cheah
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SINGAPORE – Singapore shares closed higher on Dec 12, as markets worldwide prepared for the United States Federal Reserve’s final meeting of 2023.
The benchmark Straits Times Index (STI) rose 0.4 per cent or 12.11 points to 3,102.31.
Across the broader market, gainers outnumbered losers 332 to 200, as 1.2 billion shares worth $862.4 million changed hands.
On the local bourse’s blue-chip barometer, Sembcorp Industries was the top gainer, rising 3.3 per cent or 16 cents to $5.07.
The industrial and urban solutions company on Dec 6, through a wholly owned subsidiary, completed its acquisition of Qinzhou Yuanneng Wind Power in China, increasing its renewables portfolio of solar, wind and energy storage globally to 12.6 gigawatts.
Integrated resorts developer Genting Singapore was up 1 per cent or one cent to $0.985. The company was most recently in the news on Dec 8 after its Resorts World casino was fined $2.25 million for lapses in due diligence.
Agribusiness group Wilmar International once again led declines on the index in percentage terms. It ended on Dec 12 down 1.4 per cent or five cents to $3.46.
Local banking stocks had a mixed outing on Dec 12. DBS Bank was up 0.6 per cent or 18 cents to $31.57, and UOB rose 0.9 per cent or 24 cents to $27.68, while OCBC Bank shed 0.3 per cent or four cents to $12.50.
Regional markets were up, tracking a Wall Street rally
Hong Kong’s Hang Seng Index gained 1.1 per cent, and Japan’s Nikkei 225 ticked up 0.2 per cent.
South Korea’s Kospi Composite Index gained 0.4 per cent, with Australia’s S&P/ASX200 rising 0.5 per cent. The Bursa Malaysia Kuala Lumpur Composite Index edged up 0.1 per cent.
Mr Yeap Jun Rong, market analyst at IG, noted that close attention is being paid to the US consumer price index data.
“The November Federal Reserve minutes showed that US policymakers were still concerned that inflation could be stubborn, leaving the door open for additional tightening if needed,” he said.
“Therefore, further inflation progress will be on watch to validate the effectiveness of current restrictive policies in place and give more room for the Fed to consider rate cuts in 2024 if economic conditions worsen,” he added. THE BUSINESS TIMES
