Oversea-Chinese Banking is trading at SGD 30.30, down 5.90%, after Citi downgraded it from neutral to sell.
- On October 7, Citi set a S$27.50 target price, expects flat year-on-year third-quarter earnings and said higher Singapore-dollar fixed-deposit rates could pressure net interest margins.
- The decline was company-specific, although other local banks also finished lower; OCBC lost more than S$8 billion in market value.
- The next earnings release is expected in the first week of November.