Local banks lead Singapore stocks higher; STI up 0.4%
Sign up now: Get ST's newsletters delivered to your inbox
Within the iEdge Singapore Next 50 Index, Riverstone was the top gainer with a 7.2 per cent to 82 cents.
PHOTO: ST FILE
Jude Chan
SINGAPORE -Singapore stocks ended higher on May 11, with the benchmark Straits Times Index (STI) rising 0.4 per cent, or 20.87 points, to 4,942.77.
OCBC Bank led the gainers on the blue-chip index, advancing 2.6 per cent to $22.50.
The other two local banks also closed higher. DBS Bank gained 0.2 per cent to finish at $58.77 and UOB was up 1.2 per cent at $36.99.
The worst performer among the STI constituents was Seatrium, which fell 3 per cent to $2.23.
Within the iEdge Singapore Next 50 Index, Riverstone was the top gainer with a 7.2 per cent rise to 82 cents.
The glove manufacturer had posted a 27.1 per cent drop in net profit to RM41.1 million (S$13.3 million) for its first quarter ended March 31, 2026, from RM56.4 million in the previous corresponding period. In a May 8 update, it attributed the decline to the strengthening of the Malaysian ringgit against the US dollar throughout the quarter.
Meanwhile, China Aviation Oil was the biggest loser, declining 5.7 per cent to end the session at $1.98.
Across the broader market, losers outpaced gainers 340 to 279, after 2.1 billion securities worth $2.6 billion changed hands.
Key regional indexes were mixed. Hong Kong’s Hang Seng Index gained 0.05 per cent, Japan’s Nikkei 225 fell 0.5 per cent, South Korea’s Kospi was up 4.3 per cent, and the FTSE Bursa Malaysia KLCI declined 0.2 per cent.
“Markets continue to prioritise AI-driven earnings optimism over escalating geopolitical risks, reinforcing the strength of the current momentum trade,” said SPI Asset Management managing partner Stephen Innes. “The longer the Strait of Hormuz remains unstable, the greater the risk that energy markets eventually force a repricing across equities, bonds and currencies simultaneously.” THE BUSINESS TIMES
