Banks' rebound lifts STI by 19.5 points
All three lenders finish higher amid hopes rising interest rates would have positive impact on bank earnings
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A REBOUND in the three local banks on Thursday enabled the Straits Times Index (STI) to finish 19.49 points higher at 2,813.48. Also helping was an early rise in the Dow futures that signalled a probably firm opening for Wall Street for its own Thursday session.
Turnover amounted to 1.4 billion units worth S$1.2 billion, roughly in line with the daily average of the past fortnight. Excluding warrants, there were 204 rises versus 194 falls.
All three banks finished higher, led by DBS Bank's S$0.23 rise to S$16.43 that came with almost seven million shares traded. Rising interest rates have chiefly been responsible as these would have a positive impact on bank earnings. The FTSE ST Financials Index ended almost one per cent higher.
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