The Singapore stock market finished session higher on Monday, 27 March 2023, on tracking positive lead from Wall Street Friday, as jitters in the banking sector eased after authorities and regulators gave assurances that the broader financial system is sound.
First Citizens BancShares has entered into a loss-share transaction for all deposits and loans of the SVB, the U.S. Federal Deposit Insurance Corporation (FDIC) said in a statement, helping ease fears of a global banking crisis.
Separately, Deutsche Bank remains profitable and there's no reason to doubt its future, German Chancellor Olaf Scholz said on Friday during a news conference in Brussels.
Elsewhere, the U.S. Financial Stability Oversight Council said the U.S. banking system was sound and resilient despite stress on some institutions.
At closing bell, the Straits Times Index (STI) index was up 26.39 points, or 0.82%, to 3,239.03 after trading between 3,223.45 and 3,247.50. Volume was 1.61 billion shares worth S$1.02 billion changed hands. There were 297 gainers and 282 decliners.
The top performing stock in Straits Times Index constituents was ST Engineering which rose 2.83% to S$3.63, while the bottom performing stock was Yangzijiang Shipbuilding, falling 1.6% to S$1.22.
The local banking trio, accounting for a weighting of over 40% of the STI, were mostly higher. United Overseas Bank rose 0.65% to $29.48, DBS added 0.3% to $33.46, and Oversea-Chinese Banking Corp was 0.41% higher to $12.41.
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