The Straits Times Index (STI) briefly reached a new all-time high of 4,008.15 points before the midday break on July 2, breaking a record previously set on March 28.

Unlike the previous record-breaking sessions, however, the benchmark index’s intra-day surge was not led by Singapore’s three listed banks. Prior to the midday break, the biggest gainers within the index were UOL, up around 8%; CapitaLand Integrated Commercial Trust, up some 2.3%; and City Developments, up 1.9%.

Instead, the banks were weighing on the STI’s rise this morning; DBS Group Holdings’ shares were down 0.47% prior to noon, United Overseas Bank (UOB) was down 0.06% and Oversea-Chinese Banking Corporation (OCBC) was up slightly, at 0.24%.

The STI opened at 3,991.74 points on July 2. The index started the week at 3,970.09 points on June 30.

The STI, whose constituents are the 30 largest Singapore-listed stocks by market capitalisation, last notched a high-water mark of 4,005.18 points on March 28; it was also the first time the STI had crossed the 4,000-point mark.

A week later, however, the STI sank to a 2025 low of 3,372.38 points on April 9 owing to Trump’s “Liberation Day” tariffs, though this was later postponed for 90 days to July 9.

Last week, The Edge Singapore reported on OCBC Investment Research’s Singapore strategist Carmen Lee’s comments that the STI has a “slightly good chance” of crossing the 4,000-point mark again in 2H2025.

Following a June 27 media briefing, Lee told The Edge Singapore that her 12-month target for the STI ranges around 4,060 to 4,280 points.