DBS, OCBC, UOB swell to almost half of ST Index after recent run-up
July 3, 2024 / /
This comes after the share prices of DBS and OCBC hit new highs, with DBS comprising about a fifth of the benchmark index’s market cap
AFTER a strong performance this year and an even more spectacular run-up this week, the three local banks are increasingly dominating Singapore’s benchmark index.
The proportion of the market capitalisation represented by DBS, OCBC and UOB may rise even further in the coming weeks, as second-quarter results are released and higher-for-longer interest rates are likely to stay, analysts said.
This increased concentration of banks on the Straits Times Index (STI) highlights the significance of the sector in Singapore, said Danny Khoo, country head of sales trading at Saxo.
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