Singapore shares surged on Wednesday—STI up 0.2%

SINGAPORE: Singapore shares surged Wednesday morning, reflecting the upbeat sentiment from the US and European markets after the Federal Reserve released its latest inflation data.

The Business Times reports that as of 9:01 am, the Straits Times Index (STI) shot up by 7.53 points or 0.2%, reaching 3,149. Among the broader market, gainers outnumbered losers by 70 to 44, with 36 million securities valued at S$50.2 million changing hands.

Seatrium was the most actively traded counter by volume, witnessing a rise of S$0.001 or 1.1% to S$0.093 after 4.9 million securities were transacted.

Other notable companies with brisk trading activity included Genting Singapore, which held steady at S$0.90, and Thai Beverage, which increased by S$0.005 or 1% to S$0.51.

Meanwhile, the trio of local banks saw gains in early trade. DBS advanced by S$0.25 or 0.8% to S$33.75, OCBC climbed S$0.07 or 0.5% to S$13.16, and UOB inched up by S$0.05 or 0.2% to S$28.33.

In the US, equities closed significantly higher on Tuesday despite a higher-than-expected inflation report, with traders showing renewed interest in tech shares.

The Dow Jones Industrial Average rose by 0.6% to 39,005.49, the S&P 500 climbed 1.1% to 5,175.27, and the Nasdaq surged more than 1.5% to close at 16,265.64.

European shares mirrored the rally on Wall Street, closing at a record high on Tuesday as traders remained optimistic about the Federal Reserve’s potential interest rate cuts starting in June. The pan-European Stoxx 600 concluded the session with a 1% increase, closing at 506.52. /TISG

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