Singapore Market surges on Fed rate-cut view

The Singapore stock market finished session in the positive zone on Thursday, 21 March 2024, as risk sentiments underpinned on tracking a record on Wall Street overnight after the Federal Reserve kept interest rates unchanged and projected three interest rates cuts this year saying inflation pressures had eased substantially.

The US Federal Reserve left the target rate unchanged at 5.25% to 5.5% in second policy meeting of the year and projected three interest rates cuts this year saying inflation pressures had eased substantially in the United States. Fed's statement was viewed as slightly dovish as markets had braced for the possibility that policymakers could trim the number of projected rate cuts this year.

At closing bell, the Straits Times Index (STI) index was up 42.89 points, or 1.35% to 3,220.37 after trading between 3,191.79 and 3,229.07. Volume of 1.59 billion shares worth S$1.47 billion changed hands. Across the broader market, advancers outpaced decliners 390 to 202.

DFI Retail Group was the top constituent gainer for the day, rising 3.37% to US$2.15. Jardine Matheson was the top decliner on the STI for the day, down 3.28% to US$37.28.

Banking stocks ended the day higher, with shares of DBS Group Holdings rising 2.06% to S$35.66 and United Overseas Bank advancing 1.07% at S$29.22, and Oversea-Chinese Banking Corp adding 1.64% at S$13.64.

In company news, shares of Frasers Centrepoint Trust were up 1% after its trustee secured a S$155 million revolving credit facility from OCBC.

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