The Singapore share market finished session slightly higher on Thursday, 02 May 2024, after mixed signals from Federal Reserve Chief Jerome Powell on the outlook for inflation and interest rates. The Fed signaled that it is still leaning toward eventual reductions in borrowing costs, but needs more evidence that prices are cooling before cutting interest rates.
At closing bell, the Straits Times Index (STI) index advanced 4.20 points, or 0.13% to 3,296.89 after trading between 3,285.30 and 3,324.77. Volume of 1.63 billion shares worth S$1.36 billion changed hands. Across the broader market, advancers outpaced decliners with 335 to 270.
DBS was the top constituent gainer for the day, rising 1.86% to S$35.55 as it posted a 15% jump in net profit for the first quarter, after total income climbed 13% year over year. CapitaLand Investment was the worst performer on the STI for the day, down 3.76% to S$2.56.
Banking stocks ended the day higher, with DBS Group Holdings gaining 1.86% to S$35.55, while United Overseas Bank added 0.23% at S$30.47. Oversea-Chinese Banking Corp rose 0.63% at S$14.34 after it completed the acquisition of PT Bank Commonwealth Indonesia through its subsidiary, PT Bank OCBC NISP.
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