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Market Update: Singapore Shares Edge Higher
The STI rose 4 points or 0.1% to 3,114 in early trade on Wednesday after dropping to a near one-month low in the prior session, as traders were upbeat after Wall Street closed in the green for the second straight session overnight, amid growing confidence that the Fed just wanted to signal it was ready to deal with inflation without taking any steps to reduce its stimulus. Sentiment was also supported by reports that US-headquartered semiconductor manufacturer GlobalFoundries will invest $4 billion to build a chip manufacturing plant in Singapore to meet the unprecedented demand. On the COVID-19 front, there were 18 new cases on Tuesday in Singapore with 38 active clusters, taking the total caseloads to 62,448. Traders now anticipate the release of the consumer price index for May later in the day. Yangzijiang climbed 1.5%, while Ascendas Real Estate Investment Trust went up 1.4%. [/s2If]
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