STI hits 19-month high on Fed signal
Index up 26 points on heavy turnover of 2.7b shares, buoyed by signs of just 2 more rate hikes at most
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THE US Federal Reserve lived up to expectations when it raised its short-term rate by 25 basis points on Wednesday, but more importantly for the bulls, it did not signal more than two more hikes this year.
As a result, Wall Street rose overnight, pushing the Straits Times Index up 26.09 points or 0.8 per cent on Thursday to 3,163.52, the highest closing in about 19 months. Turnover amounted to a heavy 2.7 billion units worth S$1.6 billion and excluding warrants there were 319 rises versus 181 falls.
Shares of postal operator SingPost ended unchanged at S$1.335 with 14.1 million done. UOB-Kay Hian said in a Thursday "hold" with S$1.46 target that it remains positive on the company's long-term prospects but believes near-term earnings will continue to be hampered by transformation costs.
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