The Straits Times Index closed at a fresh record of 5,595.42 on Wednesday, up 1.24% or 68.70 points, moving past the previous closing high of 5,561.42 set on 15 July. The advance was broad: 16 of the index's 30 constituents rose against 10 decliners, led by Yangzijiang Shipbuilding and the three local banks. Singapore Airlines was among the session's few notable laggards.

The gains extended two threads that have shaped recent sessions. The three banks — DBS, OCBC and UOB — advanced together for a second straight session, again doing the heavy lifting behind the index's push to successive highs this month. Industrials and telecom names also participated, widening Tuesday's narrower base, while several real estate investment trusts — including Mapletree Logistics Trust and MPACT — were a conspicuous exception, slipping even as the broader index climbed to a record.

Session Movers

Yangzijiang Shipbuilding (BS6.SG, +5.63%) was the index's top gainer, its order book back in focus. A Yangzijiang unit recently secured two bulk-carrier newbuilding contracts worth about US$66 million from Intercont Ship Services — two vessels of roughly 26,700 gross tonnes each, for delivery in 2028 and 2030 — while DBS and UOB Kay Hian have both reiterated Buy ratings in recent weeks.

DBS (D05.SG, +2.31%) led the local banks higher on the same day it was named the World's Best Corporate Bank at Global Finance's 2026 awards — the first Southeast Asian lender to take the category since its 2005 inception — and was also cited as Asia's Best Bank. The recognition landed as the three banks continued to anchor the index's recent record run.

OCBC (O39.SG, +1.89%) advanced with DBS and UOB even after CGS International cut its rating to 'hold' the previous session, though it lifted its target price to S$28.40. OCBC was also among five banks mandated by the Monetary Authority of Singapore to arrange a planned S$1.63 billion 20-year green bond.

Singapore Airlines (C6L.SG, -1.80%) was the session's most notable decliner, trading lower ahead of its 24 July annual general meeting. In pre-AGM disclosures the carrier flagged a 57.4% drop in full-year profit to S$1.18 billion, weighed by a S$945 million share of losses at Air India, and said it remained open to further funding requests from the associate.

One point worth noting

The record was again a banks-and-Yangzijiang story: DBS, OCBC and Yangzijiang Shipbuilding accounted for much of Wednesday's advance, while five of the six real estate investment trusts in the basket closed lower even as the broader index hit a new high. The push to a record is coinciding with, not erasing, the narrow, rate-sensitive skew evident over the past two sessions.