Singapore share prices closed 1.53 percent higher on Thursday as gains in regional markets following Wall Street gains bolstered sentiment ahead of an expected US interest rate hike later in the day, dealers said. The Straits Times Index rose 35.97 points to 2,386.77 on volume of 869 million shares worth 825 million Singapore dollars (519 million US).
Gains led losers 329 to 179 and 700 stocks were unchanged. Dealers said market players have already priced in expectations of a rate hike by the US Federal Reserve, with the main focus being on what the US central bank will say on the economic outlook later Thursday.
"The local market and major regional bourses have already factored in an expected announcement from the FOMC (Federal Open Market Committee), so we have already pre-empted the impact of the Fed's interest rate policy," a dealer with a local brokerage said.
For the blue chips, Singapore Airlines gained 0.10 dollars to 12.60 dollars, Singapore Telecommunications fell 0.01 to 2.49, Neptune Orient Lines added 0.03 to 1.75 and ST Engineering advanced 0.10 to 2.88. In the banking sector, DBS rose 0.30 to 17.50, Oversea-Chinese Banking Corp edged up 0.10 to 6.45 and United Overseas Bank was 0.30 firmer at 15.40. For property stocks, Keppel Land was 0.10 stronger at 3.94, CapitaLand firmed 0.04 to 4.32 and City Developments rose 0.10 to 9.10.
Among technology stocks, Venture Corp was up 0.20 to 10.50, Creative Technology was 0.30 cents stronger at 8.50 and Chartered Semiconductor Manufacturing dropped 0.03 to 1.29.
Comments
Comments are closed.