Singapore Market ends tad higher

The Singapore stock market finished session edge higher on Thursday, 01 December 2022, as risk sentiments strengthened on tracking Wall Street's gains overnight after U.S. Federal Reserve Chair Jerome Powell struck a more dovish tone than the market expected.

At closing bell, the Straits Times Index (STI) index was up 2.24 points or 0.07% to 3,292.73 after trading between 3,288.46 and 3,313.80. Volume was 1.44 billion shares worth S$1.33 billion changed hands. There were 344 gainers and 212 decliners.

Investors cheered as the US Federal Reserve Chair Jerome Powell indicated a slowdown in interest rate increases as soon as December. Powell suggested that the US central bank is preparing to raise its benchmark rate by 0.5 percentage points when its monetary policy committee gathers in December, after a string of 0.75-point increases. Powell's remarks followed government data released earlier on Wednesday that showed a decline in job openings in October, indicating that this year's monetary tightening has slowed down the labour market.

The local banks were mostly lower on concerns slower rate hikes would mean limited upside for their net interest margins. DBS and OCBC closed lower, both dropping 0.7%to S$34.95 and S$12.35 respectively. UOB managed to rise by 0.4% to S$31.33.

Investment products distribution platform iFast Corporation jumped 8.1% to S$5.73, as lower interest rates augur well for stock investing.

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