STI back above 3,100 after US Fed surprise pause on rate hike

It gained 2.7% last week.

Singapore stocks closed higher last week, with STI rallying 2.7% to 3,143.66 following the surprise move from the US Fed to keep its overnight interest rate unchanged.

In the same week, the FTSE ASEAN Extended 60 Index gained 1.8%.

Before the Fed's November meeting, experts were expecting the US central bank to introduce one more 25-basis-point rate hike this year.

According to SGX, Frasers Logistics & Commercial Trust led Singapore stocks last week with a 9.9% gain.

“The 30 stocks of the actives that posted the strongest gains on the week, averaged price 9.3% gains last week, bringing their average total return for the 2023 year through to 3 Nov to a 5.7% decline,” SGX said.

“On the other side of the coin, the 30 least performing stocks of the 100 most traded stocks averaged a 0.1% price gain on the week, bringing their average total return for the 2023 year through to 3 Nov to a 1.9% decline,” SGX added.

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