DBS shares cross $58 for Ist time as bank stocks extend multi-week rally

Local lenders help push benchmark STI to fresh all-time high of 4,747.62

- Sheila Chiang Business Correspondent

DBS shares have gained more than 30 per cent in the past 12 months, while OCBC is up about 19 per cent. UOB, whose third-quarter profit tumbled 72 per cent as it hiked allowances by $1 billion, is down more than 3 per cent in the same period. ST PHOTO: KIA CHEE SIONG

(ST PHOTO: KIA CHEE SIONG)

Singapore bank stocks on Jan 7 extended a multi-week rally that has pushed the benchmark Straits Times Index (STI) to record highs.

Shares of DBS, Southeast Asia's largest bank by assets, crossed $58 for the first time in morning trade, reaching as high as $58.80.

The stock ended at a new closing high of $58.40, up 0.8 per cent, or 47 cents.

OCBC climbed as high as $20.25 on Jan 7, after crossing $20 for the first time a day earlier. The counter closed at $20.06, down 0.6 per cent, or 12 cents, from its record high of $20.18 the previous day.

UOB shares rose as much as 0.6 per cent to $36.14, before paring gains to close up 0.3 per cent, or 11 cents, at $36.02. While the counter has gained in the weeks-long bank share rally, it has not come close to its all-time closing high of $38.67 in March 2025.

The local banks which are heavyweights of the STI helped pushed the benchmark index up 0.16 per cent to a fresh all-time high of 4,747.62 on Jan 7.