Singapore market a hive of activity

📆 6/19/2019 9:51 AM
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With high expectations of a dovish interest rate outlook in the US, investors in the local equities market took to picking up stocks in the lead-up to June's US Federal Reserve meeting. That gave a fillip to Singapore's Straits Times Index (STI) to close at 3,238.73, rising...

The local market was a hive of activity, with trading volume clocking in at 1.47 billion securities, 23 per cent over the daily average in the first five months of 2019. Total turnover came to $1.19 billion.

Real estate investment trusts and property developers, which are among the main beneficiaries of lower borrowing costs, continue to be in favour. The Reit announced on Monday a joint venture deal to acquire a warehouse, undertaking asset enhancement initiatives at two existing properties and a private placement exercise.

Dealers noted that the banking trio rallied on expectations of a dovish Fed at a time when the global economy has a growth slowdown and frosty US-China trade issues to contend with.

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