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SINGAPORE: Singapore share prices recovered from early losses to close 0.28 per cent higher Wednesday on expectations the United States will further cut interest rates to boost the ailing economy, dealers said.
The main Straits Times Index rose 4.71 points to 1,671.20 on volume of 1.44 billion shares worth S$1.51 billion. Decliners outnumbered risers 302 to 220, with 818 shares unchanged.
Sentiment, however, remained cautious due to a bleak economic outlook.
"Greed has not replaced fear and barring a strong run-up probably to celebrate another 0.5 per cent cut in the Fed funds rate... traders are likely to remain cautious," AmFraser Securities head of retail research Najeeb Jarhom told Dow Jones Newswires.
The US Federal Reserve is widely expected to slash borrowing costs later on Wednesday, with dealers betting on a half-point cut to 1.0 per cent.
Other central banks around the world are also expected to slash interest rates.
Lower interest rates, along with increased liquidity, should spur greater lending and borrowing among banks, resulting in more economic activity.
Banking stocks were mixed, with DBS rising 40 cents to S$10.60, United Overseas Bank up six cents to S$12.80 and Oversea-Chinese Banking Corp declining 31 cents to S$4.80.
Among property stocks, CapitaLand eased one cent to S$2.63, Keppel Land fell two cents to S$1.60 and City Developments dipped eight cents to S$5.97.
Blue chip Singapore Telecom was unchanged at S$2.41, while Singapore Airlines tumbled 50 cents to S$10.30 and Singapore Press Holdings pulled back eight cents to S$3.24. Oil rig maker Keppel Corp was down three cents to S$4.12.
- AFP/yt
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