THE Straits Times Index rose for a third straight day to close 1.04 per cent or 26.41 points higher at 2,559.10 on Thursday, buoyed by positive updates on the Covid-19 vaccine front and speculation over the progress of a US stimulus package.
About 1.63 billion securities worth S$1.32 billion changed hands on Thursday. Gainers outnumbered losers 238 to 193. DBS Research analysts wrote in a note on Thursday:"We think the despair phase of this Covid-19 bear market started on June 10, when the STI was at 2,800. This is typical of the last phase of the bear market, characterised by worsening headline news, earnings losses, 'no end in sight' negative sentiment and investors’ disinterest in stocks. Historically, the stock market bottoms when GDP contraction is at its steepest. This is likely to have occurred in the second quarter...
Shares of local banks perked up on Thursday after DBS Group reported a second quarter net profit that was slightly ahead of expectations; United Overseas Bank's earnings, however, missed expectations. DBS shares rose 2.87 per cent to S$20.40. UOB rose 1.75 per cent to S$19.76 as punters took heart in the bank's conservative provisioning, while OCBC Bank rose 1.85 per cent to S$8.80.
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