OCBC up again as Moody's confirms ratings

OCBC Bank continued to rally yesterday, with some 5.7 million shares worth S$59 million changing hands making the stock the most actively traded by value.

The counter closed at S$10.38, up a further seven cents, after the Singapore banking group launched on Monday a steeply discounted rights share issue to pay for Hong Kong's Wing Hang Bank. On Tuesday, it jumped 11 cents to S$10.31.

An added boost yesterday came from Moody's Investor Services which confirmed its ratings on OCBC's long-term debt, deposit and standalone ratings. Moody's also said that the ratings outlook was stable. The rating agency confirmed the bank's financial strength rating at B and its long-term bank deposit ratings at Aa1.