DBS and OCBC shares surged to new record highs on June 2 and extended those gains on June 3, leading the rise in Singapore’s benchmark Straits Times Index (STI) [1, 2, 3, 4, 5].
On June 2, DBS shares rose about 2.9% to close around S$64.67 and OCBC shares gained approximately 2.9% to S$24.08, as the STI climbed 1.2% to 5,097.42 points [2, 3]. The rally continued on June 3, with DBS closing at a record high of S$65.05, up 0.6%, and OCBC reaching a new peak at S$24.53, a 1.9% gain. The STI advanced another 0.8% to 5,138.24 [4, 5].
UOB also recorded gains on both days, rising 2.1% on June 2 and 1% on June 3, but did not hit record highs; it closed June 3 at S$38.80 [1, 2, 3, 4, 5]. Other prominent STI stocks showed mixed performances, with Singapore Airlines among the notable gainers and Hongkong Land among the losers on June 3 [4, 5].
DBS had announced on June 1 plans to open 18 new wealth centres and upgrade 36 others across the Asia-Pacific by the end of 2027, a strategy aimed at expanding its wealth management business [1, 2, 3]. OCBC’s private bank, Bank of Singapore, plans to focus more on ultra-high-net-worth clients, signaling efforts to enhance premium services [1, 2, 3].
RHB analysts upgraded the three Singapore banks to "overweight" from "neutral," citing strong momentum in wealth management, evolving interest rate expectations, and resilient fee income as key drivers. They said, "Singapore banks appear to be enjoying renewed investor interest amid a shift in rate expectations, continued strong wealth momentum and fee income generation" [1, 2, 3].
Singapore retail sales rose 5.4% year on year in April 2026, exceeding forecasts and reflecting robust domestic demand [6]. However, on June 5, the STI reversed recent gains, falling 0.4% to close at 5,049.96. DBS and OCBC shares ended lower while UOB posted a slight gain on that day [6].
