Singapore’s criteria Straits Times Index (SGX: ^ STI) shut the week on yet one more 17-year high at 3,724.37, noting a strong 4.76% gain from the previous week. This rise complied with the news that the United States Federal Reserve had actually reduced rates of interest by a quarter percent factor on Thursday, bringing the benchmark over night price to the 4.5% to 4.75% variety. We covered the impact of the interest rate cut on the stock market here.
News of Republican prospect Donald Trump’s success in the 2024 United States governmental political election brought about a worldwide rally in securities market. On Thursday, after the political election outcomes were revealed, the STI climbed by greater than 2%.
Banks Reach New Heights
All 3 of Singapore’s significant financial institutions struck all-time highs adhering to solid third-quarter revenues records.
UOB ( SGX: U11) obtained 7.2% or S$ 2.39 at S$ 35.69. UOB published an internet revenue of S$ 1.61 billion for the 3rd quarter finished September 2024, defeating Bloomberg agreement price quotes.
OCBC (SGX: O39) shut at a high of $16.06 with its quarterly web revenue of S$ 1.97 billion likewise defeat gaining price quotes.
DBS (SGX: D05) struck S$ 42.40 as the business saw its net profit cross the S$3 billion mark for the first time and revealed a share buyback program.
Yangzijiang Shipbuilding Hits 52-Week High
In one more standout efficiency, Maritime vessel manufacturer Yangzijiang Shipbuilding ( SGX: BS6) saw its shares struck a 52-week high. The business revealed it had actually protected US$ 11.6 billion in brand-new orders until now this year, adding to a 74% year-to-date gain in its share rate.
Genting Singapore Declines
Genting Singapore (SGX: G13) threw the fad, striking a 2-year reduced to shut at S$ 0.79 after adhering to unsatisfactory third-quarter outcomes.
United States Markets Soar on Election News
Over on Wall Street, United States supplies rose to tape high up on November 6, driven by the result of the United StatesPresidential Elections The Dow Industrials, S&P 500, and Nasdaq Composite all struck brand-new highs, while financial institution supplies, specifically, executed incredibly well. The S&P 500 financial institution index climbed to its acme in 2 years. Tesla (NASDAQ: TSLA) likewise saw its supply dive 8.2%, mirroring financier positive outlook, partially driven by chief executive officer Elon Musk’s singing assistance for Donald Trump throughout the selecting project.
After the Fed revealed the rates of interest reduced, united state supplies travelled to even more documents as they shut their ideal week in a year on Friday.
Hong Kong and Shanghai Markets Fall Amid Anticipation of Economic Stimulus
Markets in Hong Kong and Shanghai went down as capitalists awaited Beijing to reveal procedures to improve the slowing down Chinese economic situation after a conference of the legislature’sStanding Committee This was regardless of the Hong Kong Monetary Authority reducing its base price to 5% from 5.25%.
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Joanna Sng possesses shares of UOB, OCBC, and DBS.
The article Weekly Singapore Stock Market Round Up: STI Hits High on Interest Rate Cut, Trump Election Win, and Strong Bank Earnings showed up initially on The Smart Investor.
