Singapore shares close higher, led by banks

A REBOUND in the three local banks on Thursday enabled the Straits Times Index 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 197 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.