The Straits Times Index (STI) saw an increase of 8 points, or 0.17%, closing at 4,531.36, driven by gains in United Overseas Bank (UOB) and Oversea-Chinese Banking Corporation (OCBC). Despite a decline in DBS shares, the positive performance of UOB and OCBC helped the STI maintain its upward trajectory.
The market’s optimism was further bolstered by Wall Street, where all major indices posted gains amidst expectations of an interest rate cut. This global sentiment provided a favourable backdrop for local stocks.
In other market developments, an offer has been made to take LKH private at $0.52 (S$0.72) per share. Meanwhile, Manulife US Real Estate Investment Trust (REIT) has announced a strategic shift towards retail and industrial sectors, indicating a potential change in its investment focus.
Cordlife, a healthcare company, is facing a $3.95m (S$5.45m) civil claim from clients over damaged cord blood units, highlighting ongoing challenges in the sector.
Additionally, the FTSE ST Industrials Index has shown significant growth, rising 40% so far in 2025, according to Singapore Exchange (SGX) Research. This reflects a robust performance in the industrial sector, contributing to the overall market strength.
Looking ahead, the market will be closely watching the anticipated rate cut decision, which could further influence investor sentiment and market dynamics.
