Wall Street's recovery lifts local market

WALL Street continued its recovery on Monday and this helped the Straits Times Index (STI) jump 46.16 points or 1.6 per cent to 2,897.41 on Tuesday, bringing its two-day rebound to 105 points or 3.8 per cent.

Once again it was blue chips which provided most of the dollar volume - of the whole market's 1.5 billion units worth S$1.2 billion that were traded, S$944 million or 79 per cent was done in the 30 STI components. Excluding warrants, there were 263 rises versus 138 falls.

Among the banks, OCBC ended S$0.11 higher at S$9.06 on volume of six million. Nomura in an Oct 1 Quick Note on OCBC said it continues to have a "buy" rating on the stock as it believes the bank has strong risk management and a strong balance sheet which will serve it well during thi…