S$7 billion wiped off OCBC value as shares slide 4.9% in heavy trade
It was also the top traded stock in value
On Wednesday October 7, shares of OCBC plummeted by as much as 4.9% during intraday trading. At 11 am, the stock price had plummeted to S$30.63, down S$1.57 from its previous level of S$32.20. It was also the most traded stock by value, with over 9 million shares changing hands, amounting to almost S$300 million. Citi downgraded OCBC from a ‘neutral’ rating to ‘sell’ in their banking note that morning, citing a target price of S$27.50 and expressing concerns over the bank's growth prospects.
The research firm UOB Kay Hian echoed similar sentiments, stating that while they remain cautious about the bank sector as a whole, they were particularly concerned about the impact of escalating conflict in the Middle East on bank investments. Other local bank stocks also saw smaller declines during this same trading session, with DBS down 1.5% and UOB down 2%.
Citi maintained a 'buy' rating on DBS and reiterated a 'sell' rating on UOB, citing a preference for UOB over OCBC due to relative valuations and positioning. Despite the significant intraday decline, UOBKay Hian still favoured OCBC, noting that its earnings growth was the strongest among local banks at 22% year-on-year in the first half of 2026.
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- S$7 billion wiped off OCBC value as shares slide 5.2% in heavy trade businesstimes.com.sg
