DBS, OCBC, UOB hit records
DBS shares rose 1.6 per cent to S$70.23, breaching the S$70 threshold for the first time, according to market data.
Source: The Business Times · July 23, 2026 at 5:41 PM · AI-assisted report
CorroboratedSINGAPORE, 24 JULY 2026 —
DBS shares rose 1.6 per cent to S$70.23, breaching the S$70 threshold for the first time, according to market data.
Market Impact
The surge in institutional capital into the Singapore market drove local banks into uncharted territory, with OCBC and UOB also hitting record highs, said Singapore Exchange market strategist Geoff Howie.
The STI rose 1.2 per cent to 5,433.88 points, driven by the record-breaking run of the trio of banks.
Institutional investors are getting a foot in ahead of the upcoming corporate earnings season in early August, seeking to capture first-half dividend payouts, according to traders.
The banking sector's strength is serving as a barometer for a fresh wave of institutional capital flowing into the Singapore market, with Singapore equities attracting S$611 million in net institutional inflows in June, said Howie.
UOB had the largest individual inflow at about S$420 million, followed by OCBC at S$119 million and DBS at S$102 million, with financial services leading institutional buying, according to Singapore Exchange data.
UOB's S$2 billion share buyback programme, started in 2025, has sustained its record-high momentum, tightening the supply of available shares and signalling internal confidence in the bank's valuation.
The record run may have implications for Malaysian investors, as the banking sector's strength in Singapore could influence investor sentiment in the region, potentially affecting Malaysian banks such as Maybank and CIMB.
Related: DBS · Singapore