The Straits Times Index edged up 0.2% to 3,173.8 by 1:17 p.m. on Thursday, with 52.8 million shares traded, only 27% of its average 30-day full-day volume. The benchmark, which was little changed last year, traded at a one-month high.
Bank DBS Group Holdings rose 0.3%. Brokerage Maybank Kim Eng recommended it as its top sector pick.
“Of the three Singapore banks under our coverage, we believe DBS is best positioned to take advantage of a rising interest rate environment, given its liquid balance sheet and strong deposit franchise with cheap funds accounting for 58.4% of total deposits,” Maybank said in a report.
Small and mid-cap stocks again dominated trading, with HanKore Environment Tech Group topping the list of most actively traded stocks after the company announced a reverse takeover on Dec. 30. The shares were up 5.6% after surging 35% on Tuesday.
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