OCBC, UOB, DBS lead Singapore stocks higher on Monday; STI up 0.4%

[SINGAPORE] Singapore stocks ended higher on Monday (May 11), with the benchmark Straits Times Index (STI) rising 0.4 per cent or 20.87 points to 4,942.77.

OCBC led the gainers on the blue-chip index, advancing 2.6 per cent or S$0.58 to S$22.50.

The other two local banks also closed higher. DBS gained 0.2 per cent or S$0.09 to finish at S$58.77, and UOB was up 1.2 per cent or S$0.43 at S$36.99.

The worst performer among the STI constituents was Seatrium , which fell 3 per cent or S$0.07 to S$2.23.

Within the iEdge Singapore Next 50 Index, Riverstone was the top gainer with a 7.2 per cent or S$0.055 rise to S$0.82. Meanwhile, China Aviation Oil was the biggest loser, declining 5.7 per cent or S$0.12 to end the session at S$1.98.

Across the broader market, losers outpaced gainers 340 to 279, after 2.1 billion securities worth S$2.6 billion changed hands.

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Key regional indices were mixed. Hong Kong’s Hang Seng Index gained 0.05 per cent, Japan’s Nikkei 225 fell 0.5 per cent, South Korea’s Kospi was up 4.3 per cent, and the FTSE Bursa Malaysia KLCI declined 0.2 per cent.

“Markets continue to prioritise AI-driven earnings optimism over escalating geopolitical risks, reinforcing the strength of the current momentum trade,” said Stephen Innes, SPI Asset Management managing partner.

He added: “The longer the Strait of Hormuz remains unstable, the greater the risk that energy markets eventually force a repricing across equities, bonds and currencies simultaneously.”