Singapore Market ends 0.1% higher

The Singapore stock market finished session marginally higher on Wednesday, 20 March 2024, on tracking overnight gains in the Wall Street. However, market gains were limited amid caution ahead to the US Fed's monetary policy decision later in the day.

The Fed is widely expected to leave interest rates unchanged, but the central bank's accompanying statement could have a significant impact on the outlook for rates. Fed Chair Jerome Powell and his colleagues will update their economic and rate projections later in the day.

At closing bell, the Straits Times Index (STI) index was up 3.93 points, or 0.12% to 3,177.48 after trading between 3,174.13 and 3,188.06. Volume of 2.06 billion shares worth S$876.48 million changed hands. Across the broader market, advancers outpaced decliners 265 to 238.

DFI Retail Group was the top constituent gainer for the day, rising 3.37% to US$2.15. Jardine Cycle & Carriage was the top decliner on the STI for the day, down 1.4% to S$24.03.

Banking stocks ended the day mixed, with shares of DBS Group Holdings falling 0.1% to S$34.94 and United Overseas Bank erasing 0.3% at S$28.91, while Oversea-Chinese Banking Corp was up 0.37% at S$13.42.

In economic news, Singapore Exchange-listed firms delivered a 0.4% year-over-year growth in earnings for the fourth quarter ended December 2023.

Meanwhile, rental volumes for HDB flats and private condominiums fell 19.1% and 21% month over month, respectively, in February, largely due to weak hiring sentiments.

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