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Singapore banks continue ascent on Wednesday; DBS, OCBC chart new territory

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Michelle Zhu

Michelle Zhu

Published Wed, Jul 3, 2024 · 12:26 PM — Updated Wed, Jul 3, 2024 · 05:56 PM
    • Shares of DBS and OCBC continue their climb to new all-time highs on Wednesday.
    • Shares of DBS and OCBC continue their climb to new all-time highs on Wednesday. PHOTO: BT FILE

    SINGAPORE stocks soared further on Wednesday morning, fuelled by continued buying of bank stocks.

    DBS and OCBC extended their record-breaking trajectory to breach new records again.

    For the first time, DBS, South-east Asia’s biggest bank, crossed the S$38 mark to hit a high of S$38.17, up an impressive S$1.07, or almost 3 per cent.

    BanksDBSUOBOCBC

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    Traffic through the strait has been resuming but with interruptions, and there is still little clarity over a permanent solution for passages through the chokepoint.

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    This comes after a Citi note on Tuesday that lifted target prices for all Singapore banks, with a leading preference and “buy” call for DBS.

    DBS, OCBC and UOB shares hit all-time highs as sentiment improves

    Aster deputy CEO Andre Khor, citing the age of the “polycrisis”, says: “It’s very important to be agile, to be focused on execution… We don’t know all the answers but we keep going forward.”

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    Singapore is ranked as the world’s most expensive city for cars and placed third globally for residential property, according to Julius Baer.

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