Singapore's Straits Times Index climbs above 5,000 as banks and wealth stocks lead rally

The Straits Times Index (STI) rose 1.2% on June 2, finishing at 5,097.42 points, driven by a surge in local banks. DBS Group jumped 2.9% to a fresh high of S$64.67, while OCBC and United Overseas Bank also posted gains of around 2‑3%. Within the broader market, the iEdge Singapore Next 50 saw Haw Par gain 2.8%, while Frencken Group fell 6.1%. The rally follows the end of a two‑day slide that had pushed the STI below the 5,040‑point level, with earlier gains coming from financial, property and industrial stocks.

Regional indices were mixed – Hong Kong’s Hang Seng rose 2.5%, Japan’s Nikkei slipped 0.3% and South Korea’s Kospi nudged higher. Global cues included a positive Wall Street close, boosted by tech stocks after Nvidia unveiled a new RTX Spark superchip with Microsoft. Oil prices fluctuated amid reports of U.S.–Iran tensions, briefly lifting crude by over 5% before retreating following diplomatic statements.