Sunday, March 3, 2024

Singapore stocks rose further on the back of Fed interest rate optimism. STI 1% increase

Must read


SINGAPORE – Year-end cheer spread across the region on Dec 27, adding to the mood of optimism in stock markets after a challenging 12 months.

It was no different here, with the Straits Times Index (STI) rising 1% or 30.78 points to end the day at 3,170.76. Advancing issues outnumbered declining ones 377 to 210 across the market, with 928.3 million shares worth $788 million in moderate trading.

Elsewhere, it was a similar story, with solid gains on Wall Street overnight that brought the benchmark S&P 500 index within 0.5% of its all-time high and set its longest weekly winning streak since 2017. , the stock exchange was firmly in the black.

Tokyo’s Nikkei Stock Average rose 1.1%, the Hang Seng Index rose 1.7%, the Malaysian Bursa Index rose 0.2% and Seoul’s Kospi Index rose 0.4%.

Australian shares rose 0.79%, hitting a new 52-week high and just 80 points from closing at a record high.

Stephen Innes, managing partner at SPI Asset Management, said the suppression of headline and core inflation had created a “pathway for central banks to ease their restrictive policies”.

“As inflation subsides, the Fed believes that higher real interest rates will become increasingly uneconomic, potentially reducing the need to keep policy rates in prohibitive territory,” he added. Ta.

Nio was the top gainer on the Singapore Exchange for the second consecutive day, rising 7.7% to US$9.11.

Three local lenders were also among the session’s biggest gainers. DBS Bank rose 1.4% to $32.34, UOB rose 0.9% to $27.90 and OCBC Bank rose 1% to $12.78.

Newly listed live streaming platform 17Live was one of the biggest losers, falling 3.6% to $1.61.

Singtel was the only STI stock to end the day in the red, down 0.4% to $2.42.

The most traded stocks based on volume were Cetrium, Medtex, and Singtel.business hours



Source link

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article