Dear readers, yesterday DBS stock was the worst performer among the Straits Times Index (STI) constituent stocks yesterday, heading south by 3.5%! There were not any company announcements that I am aware of that led to this performance of DBS stock. On the converse, there were some market analysts that still gave a positive review on DBS stock, giving it a $30 price target.
Both OCBC stock and UOB stock also went down yesterday by 1.1% and 1.3% respectively. The performance of the three big bank stocks dragged the STI lower by 0.93% yesterday.
Yesterday’s performance of the banking stocks could be due to investors taking profit. With US bond yields and interest rates increasing, many are of the view that banking stocks could profit from these developments.
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