Banks hold up STI amid N Korea tensions

A LARGE push on the banks helped the Straits Times Index record a rise of 5.16 points to 3,323.24 in a day when the broad market registered 314 falls against 168 rises, weakness brought on by worries over North Korean tensions.

Turnover soared to three billion units worth S$1.8 billion, also helped by elevated trading of the banks. In total, trading in the three lenders was worth S$325.4 million, or almost 20 per cent of the whole market's dollar volume.

Also catching the eye was the continued rise in the shares of Yangzijiang Shipbuilding (YZJ), the stock adding S$0.04 at S$1.595 that came with 33.4 million shares traded which added S$54 million to business done, and a S$0.03 drop in Global Logistic Properties (GLP) to S$3.22 on volume of 52.2 million that was worth S$169 million. GLP is the subject of a takeover/privatisation offer at S$3.38 per share.