Keppel, Starhub discuss M1 deal; Grab execs buy shares after stock falls: Markets this week
The STI closed higher on Sept 25 at 5,710.65 despite uncertainty over Trump-Xi talks and a jump in US Treasury yields.
Singapore stocks closed the week slightly up, amid a cautious tone surrounding President Xi Jinping's upcoming US visit. The Straits Times Index rose 0.48% to 5,710.65 points on Sept 25. Yields on US government bonds surged to 19-year and 23-year highs, respectively, as investors grew concerned about the prospect of another interest rate hike from the Federal Reserve.
Local banks DBS, OCBC, and UOB all outperformed the broader market over the week, with their shares rising 1.43%, 1.88%, and 1.87%, respectively. StarHub and Keppel confirmed they were discussing a potential deal for telco M1, which could reduce the number of mobile network operators in Singapore to three. Grab shares jumped 8.9% after executives Anthony Tan and Alex Hungate bought shares, following the company's acquisition of a 60% stake in buy-now-pay-later provider Atome Financial.
Seatrium launched a new $200 million share buyback program, citing improved fundamentals and a robust global pipeline of offshore and marine work.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
