Singapore Market gains on easing banking contagion fears

The Singapore stock market finished session higher on Tuesday, 21 March 2023, as risk sentiments underpinned on calming fears of global banking contagion, thanks to the latest efforts to address turmoil in the global banking sector, including Swiss government-backed buyout of Credit Suisse by UBS and the US Fed joining with other global central banks to take coordinated action to enhance banks' access to U.S. dollar liquidity swap line arrangements.

At closing bell, the Straits Times Index (STI) index inclined 34.17 points, or 1.09%, to 3,173.93 after trading between 3,157.81 and 3,186.69. Volume was 1.34 billion shares worth S$967.47 million changed hands. There were 319 gainers and 234 decliners.

 

The top performing stock in Straits Times Index constituents was Singapore Airlines which rose 2.34% to S$5.69, while the bottom performing stock was Emperador Inc. (EMP), falling 0.97% to S$0.51.

The local banking trio, accounting for a weighting of over 40% of the STI, were higher. United Overseas Bank added 1.67% to $28.68, DBS added 2.1% to $32.91, and Oversea-Chinese Banking Corp was 1% higher to $12.20.

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