Singapore Shares Rally Over 1% Following US Fed's Rate Cut Decision
Singapore's stock market rallied more than 1% on Thursday's close, after the US Federal Reserve cut rates by 50 basis points.
The US Fed's first reduction in more than four years reinforced expectations that the US economy will escape a downturn.
The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,588.79 and 3,633.38 throughout the day. It ended the session at 3,633.18, up 40.76 points or 1.13% compared to Wednesday's close.
In corporate news, Singapore Post (SGX:S08) closed 2% higher on Thursday as the company revealed that Merrill Lynch Markets Australia is determining the most appropriate range of options for the group's business in Australia.
CapitaLand Investment (SGX:9CI) shares rose over 4% on Thursday's close, as it placed its wholly owned subsidiary, Ascendas US Fund Management, under members' voluntary liquidation.
Oiltek International (SGX:HQU), a renewable energy company, secured new contracts totaling 19.5 million ringgit from Africa, Central America, and Malaysia, sending the company's shares up more than 5% at market close.
Seatrium rose 3.6%, SingPost rose 2.2%, Singtel rose 1.5%, DBS rose 1.1%; Nio fell 3.3%.
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