Iggy's Journal: DBS, OCBC and UOB Each Fell More Than 4% in One Day. Who Is Giving You the Reason?

Fri 09 Oct 2026 | Midday

The Numbers

On 8 Oct, DBS closed down 4.7 percent, OCBC down 4.3 percent and UOB down 5.2 percent, per Singapore Business Review citing SGX. The reports I read give four different reasons, from profit-taking to Citi's cut of OCBC to Sell, and they show no announcement from any of the three banks in the two sessions. Most of what is quoted describes market mood or views about price, not facts about the companies. The new episode sorts the reasons by who is giving them.

My Personal Take

Two of the reasons are easy to place. Profit-taking describes what sellers did, not what a bank did. Citi's cut on OCBC is a forecast and a valuation from one broker, not a result from the bank. Neither is something DBS, OCBC or UOB said about itself, and a price fall that follows no statement from the company is a count of decisions by buyers and sellers. I keep the source of each reason next to the reason, because a reason with no source attached is easy to mistake for a fact.

📺 YouTube https://youtu.be/8r9hf1cjbuM

📩 Substack https://investingiguana.com/p/dbs-ocbc-and-uob-each-fell-more-than

Not financial advice. Iggy's Forensic Compliance Standards apply.