Banking stocks help lift STI by 0.4% as US Treasury yield rises

Shares in Singapore joined most regional peers to close higher on Oct 23, lifted by higher local banking share prices. The Straits Times Index (STI) rose 13.37 points, or 0.4 per cent, to 3,600.78 even though only 12 or fewer than half of the 30 stocks on the benchmark finished higher.

- Tay Peck Gek

Mr Zane Aw, research analyst at Phillip Securities Research, told The Business Times: "The three local banks, which make up almost 50 per cent of the STI's weightage, are up between 0.5 and 1.3 per cent. This is likely why STI rebounded today."