Singapore stocks hit new highs as banks soar: Weekly Market Recap

There was plenty of excitement in the Singapore stock market this week.

DBS, UOB and OCBC all reached record highs, with DBS crossing S$70 per share for the first time.

Whenever DBS rallies, one question tends to come up again and again. Is DBS still a buy, or is it time to sell?

I received that question several times over the past week. My answer is that it depends on what we are looking for from the stock.

Are we buying it for our income pot, where dividends and stability matter more? Or are we looking at it as an opportunity pot idea, where future upside becomes the bigger consideration?

This week, we look at what has been driving the strong performance of the Singapore banks, as well as the key risks to watch for investors wondering whether there may be more upside ahead.

I have also seen plenty of comparisons between Keppel and Sembcorp Industries. We put the two blue chips side by side to find out which may offer the more attractive opportunity pot idea.

Beyond Singapore, interest in artificial intelligence remains strong. We look at what SK Hynix’s US listing could mean for the AI rally, as well as the three best performing Singapore stocks outside the blue chips in the first half of the year.

One reason Singapore bank shares have remained strong is that the interest rate outlook appears to have shifted.

For those looking to park their cash, we look at what to expect from the upcoming Singapore T bill auction on 16 July, and how T bills compare with fixed deposits and savings accounts in July 2026.

It is easy to get caught up in the excitement when Singapore bank shares are reaching new highs. This is where Beansprout’s four pots of wealth remind us to look beyond what is moving, and stay clear about how each investment supports the financial future we are building.

Happy growing!

Gerald, Founder of Beansprout

⏰ This Week In Markets

📊 Singapore stocks reach new highs

What happened? 

US President Donald Trump announced that the ceasefire between the US and Iran had ended. However, both sides have agreed to continue indirect talks facilitated by Qatar.

Despite the renewed uncertainty, oil prices remained relatively subdued at around US$72 per barrel. A prolonged conflict could push oil prices higher, adding to inflationary pressures and reducing the likelihood of interest rate cuts by the Federal Reserve.

Minutes from the Federal Reserve’s June meeting also showed that a few policymakers believed there was a case for raising interest rates.

What does this mean?

Investors appeared to look past the renewed tensions in the Middle East and turned their attention to the second quarter earnings season.

According to FactSet, S&P 500 earnings are expected to grow by a healthy 23.3% year on year in the second quarter.

Interest in artificial intelligence also remained strong. SK Hynix’s US$26.5 billion ADR listing attracted significant investor demand, making it the largest US listing by a foreign company.

Why should I care?

The S&P 500 rose by 1.2% for the week, while the technology focused Nasdaq Composite closed 1.7% higher.

The US 10-year government bond yield rose to about 4.56% from 4.49% at the end of the previous week.

In Hong Kong, the Hang Seng Index increased 3% for the week, as large Chinese technology stocks rebounded. 

In Singapore, the Straits Times Index (STI) gained 4.3% to reach new all time highs, supported by its safe-haven status amid geopolitical uncertainty. The gains were led by strong performance by DBS, OCBC and UOB, which were seen as potential beneficiaries of the shift in rate environment. 

🚗  Moving This Week

• Singapore Exchange has sold its Scientific Beta subsidiary to STOXX for €23 million as part of its portfolio optimisation strategy. Following the divestment, SGX will retain its iEdge platform and continue to expand its index business as part of its broader multi-asset offering. For SGX's 1HFY2026 ended Dec 2025, net loss attributable to Scientific Beta, including goodwill impairment loss, was around $15 million. Read more here
• SIA Engineering Company has signed a non-binding memorandum of understanding with Air India to explore collaboration opportunities in maintenance, repair and overhaul (MRO). The partnership will leverage SIAEC’s technical expertise and Air India’s airline network, and could potentially lead to the formation of an MRO joint venture in India to serve growing aviation demand in India and the broader region. Read more here
• AIMS APAC REIT is acquiring two adjoining freehold industrial land plots in Hazelmere, Western Australia, for A$42.7 million. The acquisition is expected to deliver a Year 1 NPI yield of 5.3% and be 0.3% DPU-accretive, and an average accretion of 0.6% over 10 years, assuming full debt funding. The manager said the deal supports AA REIT’s focus on land-rich, income-producing industrial assets, with annual rental escalation of 3.25%. Read more here
• ESR-REIT has proposed to acquire five freehold logistics properties in Melbourne for A$276.8 million (S$247.9 million), representing a 1.9% discount to their market valuation. The acquisition is expected to be 4.3% DPU accretive on a pro forma basis. The portfolio has a 90% occupancy rate and a weighted average lease expiry of 3.2 years. Read more here
• Boustead Singapore has acquired a 60% stake in Singapore-based medical technology company UroMedTech through a S$6 million equity injection. UroMedTech develops integrated robotic solutions for prostate cancer diagnosis through its UroMaster system and has obtained regulatory approvals in markets including Singapore, Malaysia and Australia. Read more here
• SK Hynix priced its American Depository Receipts at US$149, raising about US$26.5 billion. The strong demand reflects investor appetite for SK Hynix’s role in the AI supply chain, especially as a leading supplier of high-bandwidth memory chips. Demand for the US share sale was reportedly more than seven times the available shares. Read here for Beansprout’s take on what Hynix ADR listing could mean for the AI theme

Source: Bloomberg, CNBC, Business Times, Edge Singapore

💡 The Big Important Story

DBS, OCBC and UOB hit record highs in July 2026. What could drive them higher

DBS, OCBC and UOB have hit record highs again in July. We look at what could drive Singapore bank stocks higher and which bank stands out.

🤓 What we're looking out for next week

Key dates

• Tuesday, 14 Jul: SG GDP flash (2Q), US CPI (Jun), Bank of America, Citigroup , J Morgan and Goldman Sachs earnings
• Wednesday, 15 Jul: US PPI (Jun), ASML earnings, Morgan Stanley earnings
• Thursday, 16 Jul: Singapore 6 month T-bill auction, TSMC earnings
• Saturday, 18 Jul: MooFest 2026

Get the full list of stocks with upcoming earnings and upcoming dividends. 

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