STI jumps 60 pts on Wall St's gains
Rise mostly contributed by the 3 banks whose shares have been on week-long uptrend; SPH, SATS among strong gainers
ASIAN markets rose on the heels of Wall Street's gains, with the key Straits Times Index (STI) up 59.62 points or 1.7 per cent to return back above the 3,500 level.
Finishing at 3,557.82, the index gains were mostly contributed by the three local banks whose share prices have been on a week-long uptrend.
Investment banking firm Jefferies had on Wednesday reiterated its "buy" call on DBS Bank, OCBC and United Overseas Bank, believing that the policy shift by Singapore's central bank last week suggested a reflationary outlook that augurs well for bank performance.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Porsche posts Q1 profit drop on ramp-up costs
IBM plots US$730 million expansion of Canadian semiconductor site
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Yeo Guat Kwang, John Chen retiring from corporate boards
US: Wall St opens higher
Air China orders homegrown C919s in challenge to jet duopoly