Market recoups half of fortnight's losses
Banks contributed the most to STI's recovery but overall turnover was low at 1.7b units worth S$1.07b
A 60-point rise in the Dow futures, a robust session in Hong Kong that saw the Hang Seng close at a 27-month high and strong domestic export numbers in Singapore on Monday combined to send the Straits Times Index 32.29 points up to 3,241.85, after it had dropped 69 points over the previous two weeks.
Turnover, however, was a mediocre 1.7 billion units worth S$1.07 billion, which was significantly lower than the S$1.7 billion done last Friday. Excluding warrants, there were 254 rises versus 177 falls.
Not surprisingly, it was the banking sector that contributed the most towards the index's rebound, with gains in the three local lenders contributing a total of 19 points.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Porsche posts Q1 profit drop on ramp-up costs
IBM plots US$730 million expansion of Canadian semiconductor site
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Yeo Guat Kwang, John Chen retiring from corporate boards
US: Wall St opens higher
Air China orders homegrown C919s in challenge to jet duopoly