Singapore Exchange Market gains 0.5% on US rate cut bets

The Singapore share market finished session higher on Thursday, 16 May 2024, as risk appetite buying boosted by renewed hopes for at least two U.S. rate cuts this year following a smaller-than-expected rise in consumer inflation.

At closing bell, the Straits Times Index (STI) index was up 15.57 points, or 0.47% to 3,304.99 after trading between 3,300.86 and 3,324.01. Across the broader market, advancers outpaced decliners with 333 to 289, with 1.38 billion securities worth S$1.46 billion changed hands.

The biggest gainer on the STI was Mapletree Pan Asia Commercial Trust, up 4.1% to S$1.27. Genting Singapore was the worst performer on the STI for the day, down 2.16% to S$0.905.

Banking stocks ended the day mostly higher. United Overseas Bank was up 0.57% to S$30.12 and DBS Group Holdings added 0.68% to S$35.55, while Oversea-Chinese Banking Corp fell 0.35% at S$14.30.

In corporate news, shares of Mermaid Maritime fell 12.5% even after the company reported that it returned to a profit of $331,000 in the first quarter of 2024, against a loss of $4.9 million in the year-ago period.

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