0413 GMT - Singapore banking heavyweights DBS Group and Oversea-Chinese Banking Corp. continued their streak of record intraday highs, supporting gains in the benchmark FTSE Straits Times Index. The stocks could be buoyed by the Federal Reserve drastically scaling back its rate-cutting cycle, with higher interest rates likely to help these lenders maintain their net interest margins, says WRISE Private Singapore's Jude Lin in an email. The local banks also recently reported earnings that beat estimates and reinforced the city-state's booming wealth-management sector, he adds. DBS shares rise 0.5% to S$62.05 after earlier touching S$62.08. OCBC's stock is last 0.9% higher at S$23.54 after marking S$23.58. (megan.cheah@wsj.com)
(END) Dow Jones Newswires
May 22, 2026 00:13 ET (04:13 GMT)
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