Singapore shares rose to their highest in more than five years on Tuesday, tracking U.S. stock market which closed at a record high in the previous session.
The Straits Times Index rose 0.6 percent to 3,382.93, the highest since January 2008.
The MSCI's broadest index of Asia-Pacific shares outside Japan was up 1 percent, after the S&P 500 index closed at an all-time high on Monday.
Oversea-Chinese Banking Corp, Singapore's second-largest lender, traded flat at S$10.92, retreating from a record high of S$11.07 last week. It reported a 16 percent fall in first-quarter profit earlier in the day.
Other banking shares rose to their highest since 2008. Shares of United Overseas Bank Ltd matched Monday's five-year high of S$21.39, and DBS Group Holdings Ltd rose to the highest since mid-2008.
"Banking shares are doing well, helped by expectation that the Cyprus crisis may push some money to migrate from Europe to Singapore," said a trader, who declined to be named.
Shares of Starhub Ltd hit a record high of S$4.76 and Singapore Telecommunications Ltd extended gains for the second straight session.
Shares of Aussino Group Ltd jumped 7 percent to S$0.107, recovering from a 40 percent slump in the previous session after the Singapore Exchange rejected its application for a S$70 million reverse takeover deal with a company linked to a Myanmar tycoon who is on the U.S. sanction list.