Singapore shares marched higher by midday as Asian markets strengthened following upbeat comments from Federal Reserve Chairman Ben Bernanke on monetary policy.
The benchmark Straits Times Index was up 0.8% at 2,998.5, rebounding from Monday’s 0.5% fall.
“Bernanke’s words that monetary policy will be loose will provide a short term catalyst for the markets. Overall the trend is upwards but it’s going to be slow for the rest of the year,” said a trader.
OCBC Investment Research expects to see the STI testing its recent high of around 3,030, which it hit a week ago.
Container shipping firm Neptune Orient Lines was among the top gainers on the index and rose 2.2% after Credit Suisse rated the company as an outperform.
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