Singapore banking stocks surged, led by United Overseas Bank, which closed at a record $39.50 after rising 5 per cent. OCBC also reached a new high, while DBS posted modest gains.
The strong performance lifted the Straits Times Index to a new intraday record before closing higher. Analysts attributed the rally to improved outlooks and easing financial headwinds.
UOB
Macquarie Capital upgraded UOB to “outperform”, citing expectations of normalised provisions and named it its top local bank pick. OCBC was also rated positively, while DBS remained underperform-rated.
Earnings season is set to begin with DBS reporting full-year results, followed by UOB and OCBC later in February.
