UOB soars over 3% to hit record as OCBC also hits a high; STI jumps 1%

[SINGAPORE] Shares of OCBC Bank and UOB hit record highs on Friday (Jan 23), driving the Straits Times Index (STI) to an all-new peak.

UOB shares rose 3.1 per cent to S$38.79 as at 10.26 am, while OCBC shares were up 2.7 per cent at S$21.14. The two lenders’ combined performance drove the STI up 1 per cent to 4,876.03 points as both the banks and the index hit all-time highs.

Shares of UOB had climbed 2.3 per cent on Thursday (Jan 22) as well as Asian markets rebounded after easing of tensions over Greenland, with Macquarie analysts also having upgraded the stock.

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