A sterling effort from DBS Bank yesterday calmed a volatile market and pushed local shares into the black after three sessions in the red.
It was a welcome relief for investors wondering when the rocky market might hit calmer waters.
They know who to thank: DBS lifted net profit by around 33 per cent in the fourth quarter, thanks in part to a strong wealth management effort and higher net interest margins. A special dividend of 50 cents was also declared.
DBS stock rose 5.3 per cent or $1.35 to $26.71 and accounted for more than a sixth of the $2.1 billion of value traded in the market.
That helped the Straits Times Index rise almost 1 per cent, or 32.13 points, to 3,415.90.
The rest of the blue chips did not excite the market as much. Singtel continued to disappoint after reporting results that were mainly dragged down by Indian associate Bharti Airtel. The telco hit a low of $3.37 at one stage but clawed back some losses to close at $3.40, down four cents.
Airtel has suffered steep declines in profits since Reliance Jio - backed by tycoon Mukesh Ambani - entered the market with a bang in 2016. It initially gave away services free and undercut its rivals.
After sharp declines this week, the biggest question has shifted from "When will this rally end?" to "Has the bear market started?". One after another, brokers, fund houses and private banks are rushing to reassure clients and encourage them to buy when shares dip into bargain territory. Bonds remain out of favour.
Oil prices have continued to fall, along with those of other industrial metals such as copper. Brent crude was trading at around US$65 a barrel, down from US$67 a day ago.
"Strongly growing US oil and gas production and the softness of China's 'old economy' are likely to move even more into focus," said Swiss private bank Julius Baer, which is bearish on commodities.
Penny activity was relatively subdued as blue chips dominated the trading.
Marco Polo Marine, the recently rescued offshore and marine firm, hit as high as 5.1 cents before falling back to 4.7 cents, up 0.1 cent.
The firm is now trading way above the original debt to equity swap price of 3.5 cents a share and the 2.8 cents offered to nine investors who injected $60 million.
Another standout was industrial property developer OKH Global. It rose 11.3 per cent to 5.9 cents. It is up 60 per cent in the last five trading days on a spate of good news: a deal to co-develop logistics and warehouse facilities in China, then a net profit hike after higher income from sale of units at completed projects.