Dovish Fed gives relief to equity bulls
However, other factors need to be resolved for the upturn to be sustained, says analyst
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SINGAPORE shares rose on Thursday, in line with most regional markets, as dovish Fed comments and positive tech earnings in the US overnight shored up investors' sentiment.
The benchmark Straits Times Index gained 0.5 per cent or 15.79 points to 3,190.17. Gainers outnumbered losers 228 to 162, with 1.38 billion shares worth S$1.33 billion traded.
Overnight, the US Federal Reserve had said it will be "patient" on any future interest rate moves and signalled flexibility on the path for reducing its balance sheet. The statement was a significant departure from the Fed's previous signalling of further gradual rate hikes, and helped to calm the nerves of markets, said analysts.
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