Singapore stocks rise for third straight day, ahead of Fed decision
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Across the broader market, gainers outnumbered losers 290 to 266, with 1.1 billion securities worth $677.3 million traded.
PHOTO: ST FILE
Raphael Lim
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SINGAPORE - Stocks in Singapore rose for the third consecutive day on Wednesday, in line with gains across most of the region, as investors awaited the outcome of the US Federal Reserve’s meeting.
The benchmark Straits Times Index (STI) rose 0.3 per cent or 9.03 points to close at 3,076.77.
Key indexes in Japan, South Korea, Australia, Shanghai and Taiwan also closed higher, rising between 0.1 per cent and 2.4 per cent, following overnight gains on Wall Street.
The positive mood in markets comes ahead of the Fed’s policy announcement later on Wednesday.
Pictet Wealth Management senior US economist Xiao Cui said the Fed is expected to keep rates unchanged at between 5.25 per cent and 5.5 per cent, and this has been widely priced in by markets.
Recent Fed commentary suggests that the base case is likely that growth will slow in the coming months, she said. “But officials remain concerned about a re-acceleration in inflation, and deem it premature to conclude the hiking cycle.”
On the local bourse, Sembcorp Industries led the STI gainers, climbing 4.4 per cent to $4.79. The three local banks were also firmer. DBS rose 0.55 per cent, OCBC 0.3 per cent and UOB 0.4 per cent.
Seatrium was the top index decliner, slipping 3.6 per cent to 10.8 cents.
Across the broader market, gainers outnumbered losers 290 to 266, with 1.1 billion securities worth $677.3 million traded.
CapitaLand Investment was among the top five most actively traded stocks by value. It closed unchanged at $2.94, after 13.2 million shares worth $39.1 million changed hands. THE BUSINESS TIMES
