Singapore banks lead STI rally to 17-year high; index up 1.4%

THE Straits Times Index (STI) continued to rally on Friday (Nov 8), hitting a 17-year high.

It was up 1.4 per cent or 50.88 points at 3,724.37.

Across the broader market, advancers outnumbered decliners 297 to 283, after two billion securities worth S$2.3 billion changed hands.

The trio of local banks hit new record highs on Friday, with UOB the top gainer on the STI. It closed up 7.2 per cent or S$2.39 at S$35.69.

OCBC finished trading 1.1 per cent or S$0.18 higher at S$16.06, and DBS rose 1.7 per cent or S$0.70 to S$42.40.

The top loser was Genting Singapore, down 6 per cent or S$0.05 at S$0.79 on Friday.

BT in your inbox

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Across the region, major indices were down, with the Kospi 0.1 per cent lower, the Hang Seng falling 1.1 per cent, and the KLCI dipping 0.1 per cent. The Nikkei 225, however, was up 0.3 per cent

Investors are keeping their eyes peeled for stimulus measures from the National People’s Congress Standing Committee, which will kick-start growth in China, said Stephen Innes, managing partner at SPI Asset Management.

Amid speculations of a fiscal package worth trillions of yuan to boost local government spending and prop up consumer demand, there is debate on whether the stimulus will be robust enough to counter potential tariff shocks from a second Donald Trump presidency.

“The stakes couldn’t be higher. With Trump’s trade policies casting a long shadow, Beijing’s response could set the tone for Asian markets in the months ahead,” said Innes.

The best-case scenario would be the package shielding the economy and providing momentum to offset US tariff pressures and calm investor nerves, he added. Anything less and the market’s optimism could evaporate and introduce fresh volatility to regional assets.