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Singapore shares end the week mixed as STI rises but broad market softens
THE US Federal Open Markets Committee (FOMC) meeting this week was meant to be a non-event as markets had for several weeks been expecting an interest rate hike. As it turned out, the Fed lived up to expectations with a 25 basis points rate hike but simultaneously indicated that there could be three more hikes next year instead of the two that markets had forecast.
This unexpected hawkishness brought the sellers out, dragging the Straits Times Index 23 points lower on Thursday. Even with a 7.09 points rebound on Friday, the STI lost a net 20 points or 0.7 per cent over the week at 2,937.86.
Friday's turnover was 2.3 billion units worth S$1.3 billion and excluding warrants there were 209 rises versus 221 falls.