Singapore Stocks May Extend Gains as Fed Holds Rates, Oil Surge Caps Upside

Singapore's Straits Times Index may extend Wednesday's modest gains on Thursday, though rising oil prices are expected to limit upside across Asian markets after the Federal Reserve left interest rates unchanged. The STI finished up 0.88 points, or 0.02 percent, at 5,397.91 on Wednesday, snapping a two-day slide, after trading between 5,382.96 and 5,425.37. Gains in retail, industrial and technology stocks were offset by weakness in energy and utility shares. On Wall Street, the Dow rose 0.19 percent to 52,475.10, the NASDAQ gained 0.27 percent to 26,549.85 and the S&P 500 added 0.28 percent to 7,743.98 following the Fed's widely expected rate decision. CME Group's FedWatch Tool indicates an 85.0 percent chance of a quarter-point rate hike at the Fed's December 8-9 meeting. West Texas Intermediate crude for December jumped $3.12, or 3.12 percent, to $103.02 per barrel on reports of possible U.S. attacks on Iran by next week, fueling supply disruption concerns.