Banks power Singapore stocks higher on Tuesday; STI up 1.4%

The iEdge Singapore Next 50 Index advances 0.6% to 1,445.35. Read more at straitstimes.com.

SINGAPORE - Singapore stocks ended higher on March 17, lifted by gains in all three local banks.

The benchmark Straits Times Index (STI) rose 1.4 per cent or 67.28 points to close at 4,935.97. The iEdge Singapore Next 50 Index advanced as well, by 0.6 per cent or 9.3 points to 1,445.35.

Across the broader market, gainers outnumbered losers 400 to 212, with 1.5 billion securities worth $2 billion having changed hands.

Regional markets were mostly higher. Hong Kong’s Hang Seng Index edged up 0.1 per cent, South Korea’s Kospi rose 1.6 per cent, and Malaysia’s FTSE Bursa Malaysia KLCI gained 0.9 per cent. Japan’s Nikkei 225 slipped 0.1 per cent.

On the STI, Singtel led the gainers, rising 2.6 per cent to $5.17. Thai Beverage was the worst performer, easing 1.1 per cent to 44 cents.

All three local banks ended the session higher. DBS gained 2 per cent to $57.08; OCBC rose 1.7 per cent to $21.10, and UOB advanced 1.5 per cent to $36.88.