Singapore Market falls on hawkish Fed

The Singapore stock market finished session lower on Thursday, 15 December 2022, as risk sentiments weighed down amid concern that U.S. interest rates will remain higher for longer than expected after the Federal Reserve revised upward its rate outlook for the next year.

At closing bell, the Straits Times Index (STI) index was down 4.82 points or 0.15% to 3,273.75 after trading between 3,256.79 and 3,287.53. Volume was 1.31 billion shares worth S$1.03 billion changed hands. There were 216 gainers and 319 decliners.

Stocks met selling after the U.S. central bank raised its key short-term rate by 0.50 percentage points, as widely expected, marking its seventh hike this year, but also provided a hawkish message while expressing its determination to tame inflation, pointing to further hikes and keeping rates high for longer than earlier hoped.

The top performing stock in Straits Times Index was Frasers Logistics & Commercial Trust which rose 1.7%, while the bottom performing stock was Yangzijiang Shipbuilding, falling 1.5%.

The local banks were higher. DBS fell 0.4% and United Overseas Bank fell 0.1%, while Oversea-Chinese Banking Corp shed 0.6%.

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