The Singapore stock market saw a strong performance on Friday, with banking stocks leading the charge among the top gainers. As of 10:42 PM on 23 August 2024, three of Singapore’s largest banks dominated the list of top performers.
DBS Group Holdings emerged as the day’s biggest gainer, with its shares climbing S$0.340 to close at S$35.890. The banking giant saw a substantial trading volume of 3.12 million shares, with a total value of S$111.83 million.
Following closely was United Overseas Bank (UOB), which saw its stock price rise by S$0.220 to S$30.780. UOB recorded a trading volume of 2.3 million shares, valued at S$70.79 million.
Oversea-Chinese Banking Corporation (OCBC) rounded out the banking sector’s strong showing, with its shares gaining S$0.110 to close at S$14.380. OCBC led in terms of volume, with 4.31 million shares changing hands, amounting to S$62 million in value.
In a surprising turn, Powermatic Data Systems made it to the top five gainers list. Despite its relatively low trading volume of 17,800 shares, the company’s stock price increased by S$0.120 to S$3.700.
The Singapore Exchange (SGX) itself also featured among the day’s top performers, with its shares rising S$0.080 to S$10.680. SGX saw a significant trading volume of 2.98 million shares, with a total value of S$31.66 million.
This strong performance across the banking sector and the local exchange may signal growing investor confidence in Singapore’s financial industry. However, as always, market observers advise investors to conduct thorough research and consider broader economic factors when making investment decisions.