The three-day incurred losses of Singapore ended as shares closed 0.71 percent higher on Friday, after Wall Street rebounded on news that the economy of the United States posted its highest growth in two years, said dealers.
On a volume of 1.78 billion shares equivalent to S$1.66 billion, the blue-chip Straits Times Index advanced to 2,651.13 or by 18.82 points.
Although the index closed higher, the figure is still way under its session height of 2,676.95.
“There are still some concerns, the main one being whether real economic growth will be able to take over from government stimulus plans as the driver of recovery,” a foreign brokerage trader said.
Among the banks, United Overseas Bank (UOB) closed higher by 2.15 percent at S$17.08, outperforming the main index after it beat its forecasted Q3 earnings.
According to UOB, its net profit increased to an annual of 5.3 percent to S$500 million, driven by a robust growth in non-interest proceeds from its investment activities.
Overseas-Chinese Banking Corp increased by one cent to S$7.66, while DBS Bank climbed 14 cents to S$13.06.
CapitaLand earned six cents to S$4.14, Singapore Airlines was up four cents to S$13.60 and Singapore Telecommunications plunged four cents to S$2.94.