Bank stocks drive Singapore shares higher on Tuesday; STI up 0.5%

SINGAPORE stocks closed Tuesday (Dec 10) in positive territory, boosted by gains of the local banks.

The Straits Times Index (STI) rose 0.5 per cent or 18.63 points to 3,813.55. Across the broader market, losers outnumbered gainers 277 to 255 after 1.2 billion securities worth S$1.1 billion changed hands.

The local banking trio closed the day higher. OCBC was up 1.1 per cent or S$0.19 at S$16.73. UOB climbed 1 per cent or S$0.35 to S$37.15. DBS grew 0.8 per cent or S$0.35 to S$44.

Seatrium was the biggest winner on the STI, up 1.5 per cent or S$0.03 at S$2.04. Mapletree Industrial Trust lost the most, down 1.3 per cent or S$0.03 at S$2.23.

Shares of Singapore Exchange were subdued, down 0.5 per cent or S$0.06 at S$12.51. The bourse operator posted a 51 per cent increase in its securities’ turnover value in its November monthly market statistics report.

Jupiter Asset Management said in a note on Tuesday that it was positive on the Singapore market, among others in the region.

“Overall, we are feeling reasonably positive and would expect to see some level of earnings and dividend growth in 2025 in the Asia-Pacific region. We think that the Australian, Indian and Singapore economies are likely to continue to see growth and to outperform peers,” said the asset manager.

Regional markets closed mixed on Tuesday. Japan’s Nikkei 225 increased 0.5 per cent, while Hong Kong’s Hang Seng Index was down 0.5 per cent. The FTSE Bursa Malaysia KLCI Index was down 0.2 per cent.