STI jumps 60 pts on Wall St's gains

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.