Market Commentary - Foreign Markets
Singapore Exchange Market gains 0.5% on US rate cut bets As on : 16-May-24  15:52

The Singapore share market finished session higher on Thursday, 16 May 2024, as risk appetite buying boosted by renewed hopes for at least two U.S. rate cuts this year following a smaller-than-expected rise in consumer inflation.

At closing bell, the Straits Times Index (STI) index was up 15.57 points, or 0.47% to 3,304.99 after trading between 3,300.86 and 3,324.01. Across the broader market, advancers outpaced decliners with 333 to 289, with 1.38 billion securities worth S$1.46 billion changed hands.

The biggest gainer on the STI was Mapletree Pan Asia Commercial Trust, up 4.1% to S$1.27. Genting Singapore was the worst performer on the STI for the day, down 2.16% to S$0.905.

Banking stocks ended the day mostly higher. United Overseas Bank was up 0.57% to S$30.12 and DBS Group Holdings added 0.68% to S$35.55, while Oversea-Chinese Banking Corp fell 0.35% at S$14.30.

In corporate news, shares of Mermaid Maritime fell 12.5% even after the company reported that it returned to a profit of $331,000 in the first quarter of 2024, against a loss of $4.9 million in the year-ago period.

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