FX.co ★ Singapore Stocks Hit Over 7-Week High

Singapore equities advanced 29 points, or 0.6%, to 5,036 in Wednesday morning trading, extending the previous session’s gains and mirroring overnight strength on Wall Street amid optimism over prospective US–Iran peace talks. The FTSE Straits Times Index touched its highest level since February 23, led mainly by the services, finance, and retail trade sectors.

Upside momentum was capped, however, after Tuesday’s data showed annual Q1 GDP growth missing market expectations. Investors also weighed the Monetary Authority of Singapore’s decision on Tuesday to tighten its monetary policy settings.

Early gainers included Sembcorp Industries (+1.5%), CapitaLand Investment (+1.1%), Mapletree Industrial Trust (+1.0%), Oversea-Chinese Banking Corp (+0.4%), and UOB (+0.2%).