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Singapore's Benchmark Index Sets Record Close as Bank Stocks Surge -- Market Talk

Dow Jones
May 19

0948 GMT - Singapore's benchmark FTSE Straits Times Index gained 1.5% to close at a record high of 5072.34, fueled by gains in bank stocks. Index heavyweights DBS Group and Oversea-Chinese Banking Corp. hit record highs Tuesday. Their momentum was likely aided by interest-rate expectations as the market now anticipates the Federal Reserve to maintain its policy rates this year, says an RHB Research analyst in an email. This could support interest rates in Singapore and help alleviate pressure on banks' net interest margin, the analyst says. OCBC's recent strong results and DBS's upbeat guidance could also be supporting the lenders' shares. DBS rose 2.0% and OCBC added 1.7%, while the third major locally listed bank, United Overseas Bank, climbed 1.2%. (megan.cheah@wsj.com)

(END) Dow Jones Newswires

May 19, 2026 05:48 ET (09:48 GMT)

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