Singapore stocks rise on Tuesday; STI up 1.2%

[SINGAPORE] Singapore stocks ended higher on Tuesday (Jun 2).

The benchmark Straits Times Index (STI) gained 1.2 per cent or 59.56 points to finish at 5,097.42.

DBS led the gainers on Singapore’s blue-chip index, rising 2.9 per cent or S$1.83 to end at S$64.67, a fresh high for the stock.

The worst performer among STI constituents was Wilmar International , which fell 4.2 per cent or S$0.15 to close at S$3.44.

The other two local banks also ended higher. OCBC hit a fresh high as well, rising 2.9 per cent or S$0.68 to S$24.08, while UOB was up 2.1 per cent or S$0.80 at S$38.40.

Within the iEdge Singapore Next 50 Index, Haw Par was the top gainer, rising 2.8 per cent or S$0.43 to finish at S$15.85. Frencken Group was the biggest loser, falling 6.1 per cent or S$0.20 to end the session at S$3.09.

Across the broader market, gainers trailed losers 335 to 347, after 1.9 billion securities worth S$2.9 billion changed hands.

Key regional indices were mixed. Hong Kong’s Hang Seng Index gained 2.5 per cent, Japan’s Nikkei 225 fell 0.3 per cent and South Korea’s Kospi was up 0.2 per cent.

The STI gains, led by the local banks, follow recent announcements by DBS and OCBC of plans to boost their wealth offerings.

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DBS, OCBC close at fresh highs as Singapore banks lead STI gains

DBS on Monday unveiled plans to launch 18 new and 36 upgraded Asia-Pacific wealth centres by end-2027, while OCBC’s private bank, Bank of Singapore, intends to sharpen its focus on ultra-high-net-worth clients.

The continued wealth momentum of local lenders was cited as a tailwind for the sector in a RHB report from last Thursday. The brokerage upgraded its rating on the three Singapore banks to “overweight” from “neutral”.

Singapore banks “appear to be enjoying renewed investor interest amid a shift in rate expectations, continued strong wealth momentum and fee income generation”, RHB analysts noted.

This article has been written with the assistance of AI and reviewed by a reporter