DBS shares rise 1.8% to hit all-time intraday high as sentiment improves

[SINGAPORE] Shares of DBS Bank hit an all-time high on Tuesday (Jul 7) as the stock rose as much as 1.8 per cent, with the two other banks also making gains.

Its counter climbed to S$68.14 as at 9.51 am, having added S$1.23 from its closing price on Monday. Over 1 million shares had changed hands, with the bank’s market capitalisation rising nearly S$3.5 billion.

OCBC also jumped 2 per cent, while UOB rose around 1.2 per cent.

The share price increases comes as a Citi note on Tuesday that lifted target prices for all Singapore banks, with a leading preference and “buy” calls for DBS, followed by OCBC and a neutral call on UOB.

Citi analyst Tan Yong Hong said he expects about a 10 per cent earnings growth in the 2027 and 2028 financial years on loans growth recovery. This lending boost will increase the bank’s profit margins on loans and bring in higher everyday service fees, he said.