Singapore banks surge to record highs on Tuesday

THE share prices of DBS and OCBC closed at a record high on Tuesday (Jul 2), with UOB also putting in a strong showing.

All three local banks started moving up after the midday break, with OCBC and UOB breaching all-time records after an initially mixed showing at the opening bell.

For the first time, Singapore’s largest lender DBS surpassed the S$37 per share mark to reach S$37.08 as at 2.06 pm, up S$0.96 or 2.7 per cent. Shares of OCBC leapt S$0.27 or 1.9 per cent to hit a historical peak of S$14.77 as at 2.08 pm.