Singapore shares closed 0.28 percent higher on Thursday, after the U.S. Federal Reserve said it will taper its stimulus program slightly but recommitted to low interest rates.
Investors took the Federal Reserve's decision to trim its bond buying by 10 billion U.S. dollars to 75 billion U.S. dollars a month as a modest step and one the U.S. economy could well withstand.
The Federal Reserve said that interest rates will remain low as long as inflation is tame, and that they will not raise lending rates even when the unemployment rate drops to the 6.5 percent threshold.
Singapore's benchmark Straits Times Index rose 8.45 points to 3, 070.23 points. Trading volume was 2.8 billion shares worth 1.06 billion Singapore dollars. Advancers outnumbered decliners 218 to 208, while 526 stocks did not move.
CapitaMall Trust dropped 0.8 percent to 1.82 Singapore dollars. It has issued 100 million Singapore dollars worth of 3.15 percent fixed rate notes due Dec. 18, 2020. The proceeds will be used to refinance existing borrowings, to finance the investments and any capital expenditure, asset enhancement works and for the general corporate and working capital purposes.
Pacific Radiance dropped 1.2 percent to 85 Singapore cents. It will be pressing forward with its growth strategy, moving ahead with plans to expand and upgrade its offshore fleet by adding two high-specification platform supply vessels to its new-build program.
Singapore Post rose 1.2 percent to 1.30 Singapore dollars. It said it is setting up an online store venture in a bid to transform itself into a regional e-commerce firm.
Yoma Strategic Holdings closed flat at 73.5 Singapore cents. It has entered into a proposed joint venture with Sumitomo Corporation, a leading general trading house in Japan, to distribute and service Hino brand trucks and buses in Myanmar.
Among top gainers, Jardine Matheson rose 1 percent to 51.73 U.S. dollars, while Petra Food became one of the top losers by falling 2.5 percent to 3.18 Singapore dollars. (1 U.S. dollar equals to 1. 26 Singapore dollars)