Banks lift STI to close above 3,400

LED by DBS Group Holdings, the local banks garnered the most attention Monday, all ending at 2019 highs.

Their collective performance during the trading session saw the Straits Times Index (STI) finish at 3,407.02, up 50.07 points or 1.5 per cent. This is the first time that the benchmark index has closed above 3,400 this year.

Buoyed by a 9 per cent increase in first-quarter profit to S$1.65 billion, DBS closed S$0.99 or 3.6 per cent higher at S$28.40.

The bank also changed its dividend payo…