Shares of DBS Group Holdings Ltd. climbed 2.3% and Oversea-Chinese Banking Corp. added 1.2%, with both extending record highs. United Overseas Bank (SGX:U11
) Ltd. rose 2% to its highest level in more than two years.
Singapore stocks rose to the highest level in two years, helped by optimism over major banks’ dividend payouts and elevated Federal Reserve interest rates hopes.
“Clients are rotating to play the higher-for-longer interest rate theme. The banks are big beneficiaries,” said Tareck Horchani, head of prime brokerage dealing at Maybank Securities Pte. “Over the past two days, we have been actively purchasing shares for global funds and regional asset managers.”
