The Singapore share market finished session edged higher on Monday, 29 April 2024, as investors keenly awaited the U.S. Federal Reserve's policy meeting this week for further cues on its interest rate trajectory. The Fed's two-day policy meeting would begin on Tuesday. An array of recent U.S. economic data reinforced expectations of rate cuts not happening before September. Traders are awiaitng for the post-meeting statement as well as Chair Jerome Powell's press conference which may give hints about interest rate moves to come.
At closing bell, the Straits Times Index (STI) index advanced 1.95 points, or 0.06% to 3,282.05 after trading between 3,264.11 and 3,282.05. Volume of 2.24 billion shares worth S$1.39 billion changed hands. Across the broader market, advancers outpaced decliners with 362 to 242.
Seatrium was the top constituent gainer for the day, rising 4.49% to S$0.93. Wilmar International was the top decliner on the STI for the day, down 3.75% to S$3.34.
Banking stocks ended the day mixed, with Oversea-Chinese Banking Corp falling 0.4% at S$14.21 while DBS Group Holdings gained 1.05% to S$34.78 and United Overseas Bank added 0.3% at S$30.50.
In economic news, Singapore's Import Price Index fell 3.6% in March from a year ago after a 5.3% drop in February, according to a Department of Statistics report.
Meanwhile, Singapore's Domestic Supply Price Index fell 1.6% year over year in March, following a 3% decrease in February, according to a city-state's Department of Statistics report.
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