2024 Half-Year Recap | YZJ Shipbuilding Takes the Lead, Banking Stocks in Strong Position
Reflecting on the first half of 2024, the Singapore stock market exhibited relative stability. As of the close on June 20th, the $FTSE Singapore Straits Time Index(.STI.SG$, which mirrors the trend of local blue-chip stocks, had risen by approximately 1.7% year-to-date. Meanwhile, a frenzy for artificial intelligence has buoyed the US stock market, with the $NASDAQ 100 Index(.NDX.US$ and the $S&P 500 Index(.SPX.US$ repeatedly reaching new highs, climbing over 18% and 15% respectively this year.
![2024 Half-Year Recap | YZJ Shipbuilding Takes the Lead, Banking Stocks in Strong Position](https://sgsnsimg.moomoo.com/sns_client_feed/101000102/20240620/b0eb23f08d564cc6b34697125c13884e.jpg?area=101&is_public=true)
The significant rise in $Great Eastern(G07.SG$'s share price, which has surged over 45% since the start of the year, can be primarily attributed to a pivotal event in early May. OCBC Bank proposed a $1.4 billion acquisition bid to privatize its insurance subsidiary Great Eastern responding to shareholder concerns over declining returns. This move prompted a notable increase in Great Eastern's stock value; on May 10th, the shares soared $7.02 or 37.54 percent, ending the day at $25.72, a figure that exceeded the offer price. OCBC explained that this bid aligns with the bank's strategic vision and bolsters its foundational business sectors, which include banking, wealth management, and insurance.
The performance of bank stocks has been impressive. $DBS Group Holdings(D05.SG$ has risen over 20% since the beginning of the year, while both $OCBC Bank(O39.SG$ and $UOB(U11.SG$ have seen increases of more than 10%. In the Q1 2024 financial results that were announced, DBS Bank took the lead among these three major banks with a year-over-year revenue growth of 12.6%.
Also noteworthy in this ranking is $Singtel(Z74.SG$, the telecommunications company that announced two data center deals on June 19th, aimed at strengthening its market position in Southeast Asia.
![2024 Half-Year Recap | YZJ Shipbuilding Takes the Lead, Banking Stocks in Strong Position](https://sgsnsimg.moomoo.com/sns_client_feed/101000102/20240620/56da1343657f4d1c8f129ba38ba538a4.jpg/big?area=101&is_public=true)
Source: SGX, Bloomberg, moomoo, sginvestors.io, Business Times
![2024 Half-Year Recap | YZJ Shipbuilding Takes the Lead, Banking Stocks in Strong Position](https://sgsnsimg.moomoo.com/sns_client_feed/101000102/20240618/347e829dcc86484bb95f55e8c5918737.jpg?area=101&is_public=true/bigmoo)
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
103617817 : good
Kenneth8K :![undefined [undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36)
103895193 :![undefined [undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36)