Ironically, most banks are not.
However they are certain sectors where some companies are outperforming the STI index while some are under performing it.
Considering the fact that financial institutions like banks carry a heavy weightage in the STI, it is ironic that banks should perform better than the STI. If this is really true, it would imply that even though the US is in a financial crisis due to the banks failing, in Singapore it is the non-banks that being affected more than the banks. I.e our financial institutions are still healthy but the companies are not.
here is the list of companies and their absolute/relative performance to the STI index. ( taken from JP Morgan):
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