🔴 Oversea-Chinese Banking is trading 4.3% down after Citi downgraded OCBC to sell

Oversea-Chinese Banking is trading at SGD 29.00, down 4.29%, after Citi downgraded OCBC to sell, citing flat expected third-quarter earnings.

• The October 8 decline extended a Singapore-bank sell-off; more than 14.9 million shares had changed hands during October 8 trading.
• Regional lenders also faced pressure from concerns that surging bond yields could hurt bank earnings, alongside profit-taking and higher funding costs.