Wall Street's recovery lifts local market
ST Index's rebound increases to 105 points in two days as blue chips continue to provide most of the dollar volume
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 this cyclical downturn.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Chevron CEO expects ExxonMobil arbitration resolved in coming months
Paramount replaces CEO with trio as it talks merger with Skydance
MicroStrategy posts loss on impairment charge, revenue declines
JPMorgan looks to fend off Goldman and other private credit for US$1 billion
China’s top airlines improve balance sheet in Q1; outlook positive for May Day
Stablecoin issuer Tether invests US$200 million in brain-computer interface company