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Singapore shares gain 1% on Tuesday ahead of key Fed meeting

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Singapore shares gain 1% on Tuesday ahead of key Fed meeting.

INVESTORS in the local equities market took to picking up stocks in the lead-up to the two-day US Federal Reserve June meeting, which starts later in the day. Expectations of a dovish Fed are high, with the question of rate cuts not a case of whether they will be done but when."The local market fared relatively well, trailing after Wall Street in a positive manner.

Real estate investment trusts and property developers, which are among the main beneficiaries of lower borrowing costs, continue to be in favour. CapitaLand Commercial Trust units added four Singapore cents or 1.9 per cent to S$2.11 while UOL was S$0.13 or 1.8 per cent up at S$7.28. Telecom stocks continued their upward trend, led by NetLink NBN Trust. The business trust, which has a significant domestic market share in fibre network infrastructure, saw its units add one Singapore cent or 1.1 per cent to S$0.88 on 31. 6 million shares.

 

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