Singapore’s equity market has been the region’s second-worst performer this year, as a shutdown in business activity wreaked havoc on an economy heavily exposed to trade and supply chains. Large financial stocks, which have been a drag, were among the top gainers on Friday. Banks account for more than 40% of benchmark index weight, and a rise in yields is seen as boosting their interest margins.
Singapore’s benchmark stock index jumped, leading gains in the Asia Pacific region, after the city state’s many cyclical stocks got a jolt from a surge in US Treasury yields.
The Straits Times Index rallied as much as 2.1%, the most in more than two months, topping the 0.3% gain in the MSCI Asia Pacific Index. The advance was led by beaten-down shares in the banking, travel and property sectors.
