STI climbs back above 3,500 points
Traders buy the Asia rebound even as US yields go up, European stocks slide
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IN a day where Hong Kong and Taiwan rebounded, Singapore's benchmark Straits Times Index (STI) easily regained its 3,500-point perch, less than three weeks after dropping below that level in this year's correction.
By the close of trading on Wednesday, the STI was trading at 3,516.23, up 39.7 points or 1.1 per cent. Banks, property, industrial and manufacturing stocks all contributed to the gains, even though European stocks opened lower.
Summing up the upbeat sentiment, UOB Kay Hian Research said in a Feb 19 note that banks have guided for high single-digit loan growth, even while net interest margins are expected to go up. It has a target price of S$14.90 on OCBC, and S$30.40 on DBS.
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