B · Normal
[Singapore bank stocks plummet as soaring yields drag down profit prospects] On October 8, JPMorgan Chase warned that soaring long-term bond yields will harm the third-quarter profits of Southeast Asian banks, and the sell-off in Singapore bank stocks further intensified. The share prices of DBS Group and United Overseas Bank both fell by more than 5%, with Oversea-Chinese Banking Corp falling the most by 4.8%, dragging the benchmark Straits Times Index lower. The market is worried that high bond yields will have an impact on book value and dividend payments, and the superimposed valuation is at a high level; JP Morgan analysts recommend that clients reduce their holdings of Singapore bank stocks.
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