SGX Singapore Closing Market Update : Epic Research Singapore

THE "bad news is good for stocks" mode of investing made its unsurprising return on Thursday as the Straits Times Index (STI) rose 35.96 points to 2,880.17 in response to the US Federal Reserve's Wednesday decision to keep interest rates unchanged and the likelihood that it will only raise rates twice this year instead of four times because of the weakening economic outlook.

Turnover, which on Wednesday sank to its lowest this year, improved to 1.6 billion units worth S$1.2 billion. Excluding warrants, there were 277 rises versus 130 falls.

"The index plunged in January and February because of China and oil worries, and recovered in March because oil bounced and China cut interest rates," remarked an observer. "We're back to where we were before all that drama - which is looking at weakening growth and earnings."

Markets also appear to be happier now with a weak outlook since this means more stimulus from central banks in the form of delayed rate hikes and increased quantitative easing via bond purchases.

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