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STI breaks slide ahead of Fed report

Market anticipates Janet Yellen to adopt a "dovish slant"; banks up with gains of between 0.8% and 1.4%

Published Wed, Jun 17, 2015 · 09:50 PM

SINGAPORE stocks ended their two-day slide on Wednesday for a slight gain ahead of the US Federal Reserve's overnight policy statement.

The Straits Times Index added 0.8 per cent, or 27.82 points, to close at 3,325.91.

"It's largely a posture that people are taking ahead of FOMC," said CMC market analyst Nicholas Teo, referring to the Fed's policymaking Federal Open Market Committee. "Last night, we went into European trading selling very hard but the US took it very well and actually went higher, and we're seeing the follow-through."