- POSTED: 12 Feb 2014 18:09
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Singapore stocks edged higher on Wednesday following a pledge by the new US Federal Reserve chief to stick to its monetary policy.
SINGAPORE: Singapore stocks edged higher on Wednesday following a pledge by the new US Federal Reserve chief to stick to its monetary policy.
The benchmark ST Index added 6.35 points, or 0.21 per cent, to 3,035.45.
Volume totalled 2.301 billion shares worth S$992.0 million. Gainers marginally beat losers 219 by 202.
The gains were in line with another regional rally after Janet Yellen told Congress she expects to continue predecessor Ben Bernanke's plan to wind down the Fed's bond-buying gradually and keep interest rates low until the jobs market improves significantly.
She said the world's number one economy is expected to grow this year and next at a moderate pace, despite some recent poor data that has sparked fears of a slowdown.
Investors were reassured by her comments following global turmoil this month sparked by fears of a flight of capital from emerging economies, after the Fed said it would reduce its stimulus by US$10 billion a month to US$65 billion. That followed a similar move in the previous meeting.