STI ends losing streak to close 1.3% up
Last Friday's gains on Wall Street and the expectation of a postponement of a Fed rate hike buoy trading sentiment
THE local bourse's key index broke a losing streak that had lasted more than two weeks on Monday, buoyed by Friday's gains on Wall Street after latest data on slowing US job growth reduced expectations of a June rate hike by the US Federal Reserve.
The benchmark Straits Times Index (STI) chalked up 35.26 points or nearly 1.3 per cent to end at 2,766.06.
CMC Markets Singapore analyst Margaret Yang said: "Nowadays, we are dealing with a market in which good news is sometimes received as bad news, and vice versa."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Emerging-market optimism dashed by Fed as currencies, bonds sink
LHN warns H1 2024 net profit could decline by 28.6%
iPhone maker Hon Hai’s April sales rise 19% in positive signal
Worsening weather is igniting a US$25 billion market
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules