STI tracks Wall Street to rise 0.1%
But investors should not read too much into US market's recovery, given the light trading ahead of the Thanksgiving holiday
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SINGAPORE equities eked out slight gains on Thursday as investors took heart from a rebound in Wall Street overnight after a two-day rout. The benchmark Straits Times Index (STI) rose 2.73 points, or 0.1 per cent to 3,041.38. Decliners outnumbered advancers 193 to 170, after about 1.22 billion shares worth S$669.8 million changed hands.
FXTM's chief market strategist Hussein Sayed noted that US stocks rebounded, thanks to tech stocks and a slight recovery in oil prices. That said, he pointed out that investors in Asia did not seem inspired by the shy rally, with equities "struggling to find direction" on Thursday morning.
Notably, market observers seem to agree that investors should not read too much into Wall Street's recovery, given the light trading ahead of the US Thanksgiving holiday.
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