Singapore shares ended flat Friday as a late fall in DBS Group Holdings’ share price after the resignation of its chairman offset earlier gains made on strengthening convictions that US interest rates will stay lower for longer.

The benchmark Straits Times Index ended up a mere 1.76 points at 2,915.70, with 1.05 billion shares changing hands, the lowest volume this week and down from 1.32 billion shares Thursday. In the broader market, gainers outnumbered losers 235 to 227.

The index was up most of the day, but fell let in the session on the unexpected announcement that DBS Chairman Koh Boon Hwee would resign at the end of April. DBS ended down 3.2% at S$14.12 and the bank said he will be replaced by board member Peter Seah.

Beyond DBS, analysts remain optimistic about the market.

“The STI may test 3,000 before month end, as long as there are no big negative surprises such as Greece defaulting or sudden China tightening measures,” Westcomb research head Goh Mou Lih said.

He said attention will likely start turning toward first quarter results from April onwards.

“We are looking a bit overbought on technicals, but there’s more comfort on the fundamentals than there was before. The U.S. economic picture looks ok and so does China,” said a trader at a local brokerage.

Continued catchup buying among banking stocks continued with United Overseas Bank 0.9% higher at $19.44 and Oversea-Chinese Banking Corp. 0.3% stronger at $8.90.

CapitaMalls Asia, which on Monday will replace Cosco Corp. as a component stock in the STI, rose 2.6% to $2.39.

CWT rose 1.9% to $1.06 after its real-estate investment unit Cache Logistics Trust announced plans to raise up to $417 million in an initial public offering.