US consumer prices increased by 7.1% in November, a cool-down from October's 7.7%. The data showed that the Fed's volley of high interest rates has delivered its intended effect, paving the way for the central bank to loosen its monetary policy, which would be positive for the equity markets.
However, market gains capped ahead of hints on the Fed's path from the decision later Wednesday and Chair Jerome Powell's briefing. The U.S. Federal Reserve concludes its last meeting of 2022 on Wednesday and economists widely expect the central bank to raise rates by half a percentage point. Thursday will also see monetary policy decisions from the Bank of England, European Central Bank and the Swiss National Bank.
At closing bell, the Straits Times Index (STI) index was up 7.29 points or 0.22% to 3,278.57 after trading between 3,274.96 and 3,293.47. Volume was 1.18 billion shares worth S$1.31 billion changed hands. There were 310 gainers and 196 decliners.
The top performing stock in Straits Times Index was CapitaLand Integrated Commercial Trust which rose 3%, while the bottom performing stock was Singapore Telecommunications, falling 2.3%.
The local banks were higher. DBS fell 0.03% and UOB fell 1.1%, while OCBC Bank rose 0.2%.
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