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OCBC share price (SGX: O39) to rocket to Mars!

LIFETIME MEMBERSHIP Crisis? What crisis? Being the oldest bank in Singapore, OCBC has seen the ebbs and flows of Singapore financial landscape, overcoming crises after crises for nearly 100 years. The unfolding pandemic crisis is no exception. Yet as we enter the endemic phase, uncertainties engulfed OCBC share price (SGX: O39) over concerns of potential exposure over the China’s Evergrande Group.

OCBC owns two banks in China – Wing Hang Bank and a 20% stake in Bank of Ningbo. Thus, it is not unreasonable for investors to be worried over the potential fallout from the embattled Evergrande Group. To make matters worse, the bank had not made any official clarifications that it does not carry any bad debts from Evergrande, probably due to the banking secrecy law. Arising from the uncertainties, OCBC share price (SGX: O39) turned bearish from August to September 2021.

OCBC share price O39

Nonetheless, the lethargic form of OCBC share price (SGX: O39) did not last long as Monetary Authority Singapore (MAS) confirmed that Singapore banks have “insignificant” exposure to Evergrande. Following this revelation, OCBC share price (SGX: O39) surged 3.5% from 5 October to reach $11.90 on 14 October. On the basis of the current form, it seems that …

The post OCBC share price (SGX: O39) to rocket to Mars! appeared first on SG Wealth Builder.

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