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Singapore banks drive STI to 17-year high as US Fed cuts rates
The Straits Times
|November 09, 2024
Gainers beat losers 297 to 283 across broader market | UOB the top STI gainer, closing up 7.2% to $35.69 Regional indexes unmoved by Wall Street's elation
Record-breaking surges in Singapore bank shares on the back of another interest rate cut in the US drove the local market to a 17-year high on Nov 8.
The buying spree in financial stocks propelled the Straits Times Index (STI) up 1.4 per cent or 50.88 points to 3,724.37. Across the broader market, gainers outpaced losers 297 to 283 on buoyant trade of two billion securities worth $2.3 billion.
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