The Straits Times Index (STI) closed above 4,000 points for the first time in history, ending July 2 at 4,010.77 points, up 0.53% for the day.
The benchmark index notched two new all-time highs during the day: 4,008.15 points prior to the midday break and 4,011.78 points immediately after the lunch hour.
Unlike the previous record-breaking sessions, however, the STI’s surge was not led by Singapore’s three listed banks. Instead, the biggest gainers within the index were UOL Group, up some 7% for the day; Hongkong Land, up more than 3%; and Sembcorp Industries, up 2.7%.
On July 1, Singapore’s High Court approved the $810 million sale of Thomson View condominium, marking the largest residential collective sale since May 2023. CapitaLand Development and UOL were granted the sale order for the 504,314 sq ft site, situated next to Upper Thomson MRT station on the Thomson-East Coast Line.
UOL shares have climbed more than 17% over the past month and nearly 30% year to date.
Instead, two of the three banks weighed on the STI on July 2: DBS Group Holdings ended 0.58% lower, United Overseas Bank (UOB) declined 0.08% and Oversea-Chinese Banking Corporation (OCBC) gained 0.24%.
Collectively, the banks make up more than half of the STI by weight.
The STI opened at 3,991.74 points on July 2. The index started the week at 3,970.09 points on June 30.
The STI, whose constituents are the 30 largest Singapore-listed stocks by market capitalisation, last notched a high-water mark of 4,005.18 points on March 28; it was also the first time the STI had crossed the 4,000-point mark. The STI closed at 3,972.43 points that day.
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A week later, however, the STI sank to a 2025 low of 3,372.38 points on April 9 owing to Trump’s “Liberation Day” tariffs, though this was later postponed for 90 days to July 9.
Last week, The Edge Singapore reported on OCBC Investment Research’s Singapore strategist Carmen Lee’s comments that the STI has a “slightly good chance” of crossing the 4,000-point mark again in 2H2025.
Following a June 27 media briefing, Lee told The Edge Singapore that her 12-month target for the STI ranges around 4,060 to 4,280 points.
