Financials drive Singapore stocks higher after recent losses

Singapore stocks edged up today amid mixed cues from Asian equities. The Straits Times Index or STI added 0.37% to close at 3326 points. Financials gained with UOB soaring 1%, DBS adding 0.31% and OCBC jumping 0.69% on the day. The index had slipped to a six week low last week before witnessing an impressive recovery. Broad economic outlook is supportive. Singapore has moved up three places to take the No. 1 spot in the World Competitiveness Ranking (WCR) 2024, published by the International Institute for Management Development (IMD). The island nation, has reclaimed the top spot after four years in the post-pandemic world. Meanwhile, stock markets in Asia saw mixed moves today. Chinas Shanghai Composite index continued to decline, shedding 0.44% while Japans Nikkei 225 index jumped around 1%.

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