Recovering banks drive market rally

But trading activity muted as players focus on Yellen-watch, with total turnover at only S$718 million

Published Thu, Aug 25, 2016 · 09:50 PM

SINGAPORE banks continued to recover from recent lows on Thursday, helping to lift Singapore stocks to a third straight day of gains as the Straits Times Index rose 7.36 points, or 0.26 per cent, to close at 2,876.93.

Despite the rally, trading activity was muted ahead of expected comments later in the week by US Federal Reserve chairwoman Janet Yellen. Ms Yellen's speech at the Fed's annual Jackson Hole retreat will take place on Friday night, Singapore time.

A total of 713.1 million shares changed hands, which was about 45 per cent of the average daily volume for the first seven months of the year. Total turnover on Thursday was S$717.7 million, or 65 per cent of the year-to-date daily a…