DBS, OCBC, UOB shares drop after Q3 results; SATS hit by work pass concerns: Markets this week

Singapore's three leading banks, DBS, UOB and OCBC, experienced a decline in their share prices this week. DBS and UOB both reported lower-than-expected earnings and net interest margins for the third quarter, which ended on September 30. DBS closed on November 6 at $69.72, down 3.78% from its opening price of $72.46 on November 2.

UOB's shares dropped 10.27% over the week, closing at $36.83, while OCBC saw a 4.28% decline, closing at $27.73. The Straits Times Index (STI) ended the week at 5,179.17, down 2.2% or 117.08 points from the previous week.

SATS, a major player at Singapore's Changi Airport, saw its share price fall about 3% to $3.54 after the Ministry of Manpower (MOM) began investigating 45 firms involved in airport operations for work pass offences. The investigation identified approximately 270 workers whose deployment may not have complied with work pass regulations. Despite this, SATS' share prices rebounded to close the week at $3.73.

Grab, Southeast Asia's leading superapp, announced a 27% increase in revenue for its third quarter, reaching US$1.11 billion. The firm also raised its full-year 2026 guidance, projecting revenue of $4.20 billion and adjusted EBITDA of $800 million. Grab returned capital to shareholders through a $400 million share buyback and its share price rose from US$3.26 to US$3.48 during the week.

The blue wave in the US midterm elections on November 5 had a significant impact on global markets. The tech-heavy Nasdaq 100 experienced a steep plunge, losing 1,421.52 points or 5.52%, to close at 24,315.00, marking the worst single-session drop since April 2025. The decline was primarily driven by fears that Democrats' win might lead to slower AI infrastructure spending. Nasdaq Composite fell 5.5%, with AI, semiconductor and tech stocks among the hardest-hit sectors.