Straits Times Index jumps nearly 3%

The Straits Times Index <.FTSTI> rose nearly 3% early on Thursday, tracking gains in other markets after the major central banks around the world agreed to make cheaper dollar loans available to struggling European banks, reported Reuters.

The move, which was also accompanied by Chinese central bank’s decision to lower reserve requirements, pushed stocks of Singapore lenders higher.

Shares of United Overseas Bank, the city-state’s third largest lender opened 5.2% higher to $15.99 each.

DBS Group Holdings umped as much as 3.6% while Oversea-Chinese Banking Corporation rose 3.5% in early minutes of the trade.