High Optimism Lies On US Fed Rate Hikes As STI Rises 0.2%


The Singapore stock market has tracked higher in two straight sessions, improving almost 40 points or 1.2 percent in that span. The Straits Times Index now rests just beneath the 3,280-point plateau although the rally may stall on Thursday.

The global forecast for the Asian markets is soft on renewed concerns over the outlook for interest rates. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.

The STI finished modestly higher on Thursday following gains from the trusts and properties and mixed performances from the financials and industrials.

For the day, the index rose 7.29 points or 0.22 percent to finish at 3,278.57 after trading between 3,274.96 and 3,293.47.

Among the actives, Ascendas REIT and Wilmar International both improved 1.46 percent, while CapitaLand Integrated Commercial Trust surged 3.02 percent, CapitaLand Investment added 0.82 percent, City Developments jumped 1.60 percent, Comfort DelGro sank 0.80 percent, DBS Group eased 0.03 percent, Genting Singapore spiked 2.23 percent, Keppel Corp rose 0.54 percent, Mapletree Pan Asia Commercial Trust soared 2.42 percent, Mapletree Industrial Trust advanced 1.35 percent, Mapletree Logistics Trust gathered 0.62 percent, Oversea-Chinese Banking Corporation perked 0.16 percent, SembCorp Industries fell 0.30 percent, Singapore Technologies Engineering rallied 1.50 percent, SingTel tumbled 2.26 percent, Thai Beverage gained 0.74 percent, United Overseas Bank slumped 1.09 percent, Yangzijiang Financial strengthened 1.49 percent, Yangzijiang Shipbuilding climbed 1.47 percent and Emperador, SATS and Hongkong Land were unchanged.

The lead from Wall Street ends up negative as the major averages opened higher on Wednesday and stayed that way before tumbling after the Federal Reserve’s monetary policy announcement.

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