DBS, OCBC help lift STI in mixed trading

GAINS in banks DBS and OCBC helped the Straits Times Index (STI) rise 9.12 points to 3,222.69 on Tuesday, though the broad market was mixed with 224 rises versus 239 falls, excluding warrants. Turnover at two billion units worth S$1.1 billion was moderate by recent standards.

The index's gain was likely in response to overnight firmness on Wall Street, which reports attributed to the absence of further political developments in Washington and hopes that the Trump administration will be able to deliver a decent Budget. The Dow futures, however, traded in the red on Tuesday.

A bit more than half of the STI's rise could be traced to the two banks, with additional support coming from Hongkong Land. The third bank, UOB, finished weaker.