Singapore Shares Continue Winning Streak Ahead of US Fed's Policy Decision

MT Newswires

19 Mar

Singapore stocks defied declines on Wall Street to continue their winning streak on Wednesday, ahead of the US Federal Reserve's policy decision due later today.

The Straits Times Index $(STI)$, a key benchmark for the Singapore Exchange, ranged between 3,900.23 and 3,918.24 throughout the day. It ended the session at 3,908.31, up 13.34 points or 0.34% compared to Tuesday's close.

According to the Monetary Authority of Singapore's latest Survey of Professional Forecasters, the city-state's economy is expected to grow by 3.8% year-on-year in the first quarter, and by 2.6% in 2025.

In other economic news, Singapore's overall unemployment rate remained at 1.9% in December 2024, with the resident jobless rate at 2.8% and the citizen unemployment rate at 2.9%, according to data released by the Ministry of Manpower.

In company news, shares of Sin Heng Heavy Machinery (SGX:BKA) were up nearly 1% after the company appointed an independent financial adviser in the wake of the voluntary unconditional offer to take the company private at SG$0.58 per share by Tal United.

Sembcorp Industries (SGX:U96) was down nearly 1% at the close after the company completed the disposal of its entire issued and paid up share capital in Sembcorp Environmental to SBT Investment 2.

Meanwhile, Sincap Group (SGX:5UN) confirmed its intention to acquire the entire issued and paid up share capital of Skylink APAC for SG$42.3 million.

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