Singapore shares up 0.65%, led by OCBC and DBS gains

WITH 2 of the 3 banking heavyweights each notching over 3 per cent rise in their Friday (Apr 29) share price and as bullishness prevailed in the regional bourses, Singapore’s blue-chip benchmark Straits Times Index (STI) - which has over 40 per cent weightage from the banking trio - ended the day up 21.81 points or 0.65 per cent to 3,356.90 points. 

The barometer was up about 0.1 per cent over the week.

Better than expected financial performance from OCBC and DBS pushed their share prices up by 3.6 per cent and 2.76 per cent respectively on Friday, to S$12.39 and S$33.92 after they released their first-quarter results.

Also on Friday, UOB provided its financial updates for Q1 but profit missed expectation, and the counter saw a 0.5 per cent decline in share price to a whisker shy of S$30.

Yangzijiang Financial Holding, the investment unit spun off from STI stock Yangzijiang Shipbuilding, slid 12.1 per cent to S$0.545 a day after making its trading debut, despite having a net tangible asset value per share of S$1.08.

Sembcorp Marine (Sembmarine), on the cusp of entering into a merger with non-listed Keppel Offshore & Marine, was the most actively traded stock for the second straight day after an announcement that the 2 offshore and marine players would be walking down the corporate aisle. 

SEE ALSO

Hot stock: Yangzijiang Financial down close to 9% on lacklustre trading debut

Singapore shares rise at Friday’s open; STI up 0.5%

Stocks to watch: DBS, OCBC, UOB, SPH Reit, HPL, MLT, Ascott Residence Trust

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About 307 million shares in Sembmarine changed hands, with the counter inching up 0.1 Singapore cent to S$0.109.

Gainers beat decliners 282  to 224 in the broader market on a turnover of 1.78 billion with total value of S$2.02 billion.