At closing bell, the Straits Times Index (STI) index was up 29.04 points, or 0.93% to 3,136.14 after trading between 3,114.43 and 3,151.08. Volume of 1.48 billion shares worth S$1.24 billion changed hands. Across the broader market, advancers outpaced decliners 368 to 232.
Singapore Airlines was the top constituent gainer for the day, rising 2.36% to S$6.51. UOL Group was the top decliner on the STI for the day, down 1.25% to S$5.53.
Banking stocks ended the day higher, with shares of DBS Group Holdings adding 0.57% to S$33.59. United Overseas Bank was up 0.36% at S$28.25 and Oversea-Chinese Banking Corp was up 1.46% at S$13.19.
In company news, Intraco shares surged 7% after the company raised S$5 million from its issue of the fourth series of commercial papers in digital securities with a 30-day tenure at 4.4% per annum.
In economic news, the profitability margins of major banks in Singapore are likely to remain steady in 2024 due to high interest rates and medium asset quality expectations, according to a Fitch Ratings report.
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