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The Straits Times Index is sitting in record territory after hitting an all-time high around 5,242 on June 23, and the engine room is broadening. DBS and OCBC, which together make up roughly half the index, keep printing fresh highs on strong earnings, with dividend yields around 5% and DBS ROE above 16%, while UOB has lagged the other two. The bigger new driver is Singtel (Z74): it has jumped to record highs as it and KKR move to take full control of ST Telemedia Global Data Centres at a S$13.8 billion enterprise value, riding the AI data-centre boom. So which is the real engine from here: the banks' yield and capital returns, or telco names re-rating on AI infrastructure?

The Straits Times Index is sitting in record territory after hitting an all-time high around 5,242 on June 23, and the engine room is broadening. DBS and OCBC, which together make up roughly half the index, keep printing fresh highs on strong earnings, with dividend yields around 5% and DBS ROE above 16%, while UOB has lagged the other two. The bigger new driver is Singtel (Z74): it has jumped to record highs as it and KKR move to take full control of ST Telemedia Global Data Centres at a S$13.8 billion enterprise value, riding the AI data-centre boom. So which is the real engine from here: the banks' yield and capital returns, or telco names re-rating on AI infrastructure?

STI at Record Highs: Banks or Singtel Driving It?

SIA and SATS stock has been rallying$SIA(C6L.SG)