Banks continue to lead gains on Wednesday; STI up 1.4%
The local banking trio extend their gains from Tuesday to hit new record highs, as investors remain positive on the sector
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SINGAPORE shares ended higher on Wednesday (Jul 3), led by continued gains in the local bank stocks.
The benchmark Straits Times Index (STI) rose 1.4 per cent or 47.61 points to 3,415.51. Across the broader market, gainers outnumbered losers 353 to 232, after 1.6 billion securities worth S$1.5 billion changed hands.
The local banking trio extended their gains from Tuesday to hit new record highs on Wednesday, as investors remained positive on the sector amid a higher-for-longer interest rate environment.
At the close on Wednesday, DBS rose 2.3 per cent or S$0.86 to S$37.96, OCBC was up 1.2 per cent or S$0.18 to S$14.98, while UOB gained 2 per cent or S$0.62 to S$32.27.
Elsewhere on the STI, Sats was the biggest gainer, rising 3.9 per cent or S$0.11 to S$2.94.
Meanwhile, Mapletree Logistics Trust was the largest decliner, falling 2.3 per cent or S$0.03 to S$1.28.
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Key indices in the region ended mostly higher. The Nikkei 225 gained 1.3 per cent, the Hang Seng Index rose 1.2 per cent, the Kospi Composite Index was up 0.5 per cent, and the FTSE Bursa Malaysia KLCI ended 1.1 per cent higher.
Yeap Jun Rong, market analyst at IG, said a bearish move in the US dollar and a halt in US Treasury yields’ upside in the aftermath may keep the risk environment supportive in the Asia session.
This comes after Federal Reserve chair Jerome Powell offered greater cues for risk sentiments after earlier indecision, he said.
“His comments that the US is resuming its disinflationary trend clearly leaned dovish and left a September rate cut more likely than not,” Yeap added.
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