Singapore's Straits Times Index Extends Rally Above 5,400 Points on Bank Stock Gains
Singapore's Straits Times Index rallied above 5,400 points at market open on Thursday, owing to strong gains by local bank stocks ahead of the second-quarter corporate earnings season in early August. The STI, a key benchmark for the Singapore Exchange, rose in early trade by 0.7%, or 36.45 points, to open at 5,406.020. Strong institutional inflows pushed Singapore bank stocks to record highs on Thursday, with DBS Group (SGX:D05) briefly crossing SG$70 for the first time. Oversea-Chinese Banking Corporation (SGX:O39) and United Overseas Bank (SGX:U11) also hit new peaks, pushing the STI as investors positioned ahead of the earnings season and sought to secure first-half dividend payouts.
Singapore's Straits Times Index rallied above 5,400 points at market open on Thursday, owing to strong gains by local bank stocks ahead of the second-quarter corporate earnings season in early August.
The STI, a key benchmark for the Singapore Exchange, rose in early trade by 0.7%, or 36.45 points, to open at 5,406.020.
Strong institutional inflows pushed Singapore bank stocks to record highs on Thursday, with DBS Group (SGX:D05) briefly crossing SG$70 for the first time.
Oversea-Chinese Banking Corporation (SGX:O39) and United Overseas Bank (SGX:U11) also hit new peaks, pushing the STI as investors positioned ahead of the earnings season and sought to secure first-half dividend payouts.