Singapore Stocks Surge As Easing US Inflation Lifts Markets; STI up 2%

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Singapore Stocks Surge As Easing US Inflation Lifts Markets; STI up 2%

The Business Times2023-07-13

SINGAPORE shares rallied as cheers swept across the region on Thursday (Jul 13) following a softer US inflation print that sparked hopes Federal Reserve rate hikes could end soon.The Straits Times ...

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·2023-07-13
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We suspect that Fed members will still maintain a hawkish rhetoric and deliver the last 25bps hike, taking the terminal rate to 5.5 per cent for this cycle.“However, it is clear that the hurdle for further hikes is high. A few more prints of benign CPI will put an end to further hike speculation (beyond July) even if the Fed will want to keep the option open.” On the home front, some 2.14 billion securities worth S$1.47 billion were traded. Gainers trounced losers, with 407 counters up and 242 down.Offshore and marine giant Seatrium : S51 +2.13% was – as it has frequently been – the day’s most active counter on the local bourse with 917 million shares done. The counter gained S$0.003 or 2.1 per cent to S$0.144. On Wednesday after the trading session, Seatrium announced that it has secured a green trade finance facility with a banker’s guarantee from OCBC worth 720 million euros (S$1.1 billion) to fund its sustainability efforts.Thomson Medical Group : A50 +4.92% climbed S$0.003 or nearly 5 per cent to S$0.064 after making good on its expansion promise. The healthcare group announced on Wednesday that it plans to acquire the owners and operator of a range of healthcare facilities in Vietnam for about US$380 million. The counter resumed trading on Thursday following a trading halt pending the announcement. 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