Singapore's stock market closed higher on Wednesday, despite doubts over US Federal Reserve cutting down interest rates again, driven by strong earnings by United Overseas Bank and Singapore Telecommunications.
The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,921.86 and 3,949.65 throughout the day. It ended the session at 3,934.04, up 8.48 points or 0.22% compared to Tuesday's close.
In company news, shares of United Overseas Bank (SGX:U11) were down under 1% after the bank's net profit for the fourth quarter of the year ended Dec. 31, 2024 increased 9% to SG$1.52 billion from SG$1.40 billion a year earlier.
Singapore Telecommunications' (SGX:Z74) shares were up over 1% after its net profit surged 183% in the fiscal third quarter ended Dec 31, 2024 to SG$1.32 billion from SG$465 million a year earlier.
Meanwhile, shares of Soon Lian (SGX:5MD) plunged nearly 17% at the close after the company forecasted a return to profit in 2024 from a net loss a year earlier.
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