Singapore shares move up despite headwinds

THE local market spent much of the trading day lower before reversing those losses, showing resilience at a time when equity markets are mostly facing headwinds - with the exception of hopes of a US Federal Reserve rate cut.

Thanks to the rally in the afternoon session, Singapore's Straits Times Index (STI) closed at 3,220.66, up 12.92 points or 0.4 per cent.

CMC Markets' analyst Margaret Yang said that the STI was lifted by real estate and technology counters, and the benchmark has continued to hold above its short-term key support of 3,200 points.