DBS shares rally to a new record as STI clocks yet another high
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Shares of DBS, which is the largest constituent of the STI, has gained more than 6 per cent to date this year.
PHOTO: REUTERS
Therese Soh
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SINGAPORE - DBS shares rose to a new high on July 18, bringing the Straits Times Index (STI) to a fifth consecutive record in intraday trade this week.
As at 9.04am, DBS hit $47.05, 0.8 per cent or 37 cents above its previous day’s closing price of $46.68, with 620,800 shares changing hands. By 11.31am, it had eased to $46.91, still up 0.5 per cent, with some 1.6 million shares transacted.
The STI rose to 4,180.95 points, extending its winning streak. On July 17, it reached a high for a fourth consecutive trading day, hitting an intraday peak of 4,163.45 before closing at 4,161.43.
With a market capitalisation of $132.7 billion, DBS is the largest constituent of the STI. Year to date, the lender has gained more than 6 per cent.
DBS will post its earnings results for the first half of the year on Aug 7. In May, its first-quarter earnings fell marginally to $2.9 billion, 2 per cent lower than the $2.95 billion posted in the year-ago period.
The STI crossed the 4,000 threshold for the first time on March 28. It has advanced by nearly 10 per cent in the year to date.
Broader market
The other Singapore banks were also trading higher on July 18.
As at 11.31am, OCBC was up 1.1 per cent to $17.26, with 2.8 million shares traded. UOB climbed 0.1 per cent to $36.82, with 889,800 shares transacted.
Year to date, OCBC has gained 2.3 per cent and UOB, 1.2 per cent.
Other STI constituents, such as offshore and marine specialist Seatrium and Chinese vesselmaker Yangzijiang Shipbuilding, were some of the most heavily traded stocks by volume.
Seatrium rose 3.1 per cent to $2.32 with 14.9 million shares changing hands, and Yangzijiang Shipbuilding was up 3 per cent to $2.42, with 15.7 million shares traded. THE BUSINESS TIMES
