The stock price of UOB climbed to a new high on the morning of Wednesday, Feb 19th, after the bank announced a S$3 billion capital distribution initiative in alignment with its fourth-quarter financial results.
At the opening of the market, UOB's shares ascended by 1.3%, or S$0.50, reaching a historic high of S$39.15.
Not long after the opening, the stock prices of UOB's industry counterparts also experienced an uptick. DBS Group Holdings increased by 0.4%, or S$0.20, to S$46, while ocbc bank rose by 0.6%, or S$0.10, to S$17.86.
As banking stocks advanced in the morning, the Straits Times Index also broke through to a new high, momentarily reaching 3,949.65 points after the market opened.
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