UOB soars 3.6%, hitting record alongside OCBC; STI up 1% to new peak

[SINGAPORE] Shares of OCBC and UOB hit record highs on Friday (Jan 23), driving the Straits Times Index (STI) to an all-new peak.

UOB shares rose 3.6 per cent to S$38.97 as at 10.50 am, while OCBC shares were up 2.7 per cent at S$21.15.

The two lenders’ combined performance drove the STI up 1.1 per cent to 4,880.54 points as both the banks and the index hit all-time highs.

Shares of UOB climbed 2.3 per cent on Thursday as well as Asian markets rebounded after easing of tensions over Greenland, with Macquarie also upgrading the stock.

In a Wednesday note, Macquarie analyst Jayden Vantarakis upgraded UOB to an “outperform” rating and lifted its target price to S$41. Singapore banks this year are expected to do better on wealth asset under management inflows, he added, given the relative “safe-haven” status of the city-state’s banking sector.

The bank’s Sydney branch on Wednesday also priced a combined A$2 billion (S$1.7 billion) in two tranches of five-year senior unsecured notes.

Its shares last hit a high in March 2025, while those of OCBC last week crossed the S$20 mark the first time.