Singapore bank shares hit over mounting unrest in Hong Kong, escalating trade war

SHARES of Singapore banks were hit on Monday amid a broader market selloff, on a cocktail of escalating trade tensions between the US and China and intensifying unrest in Hong Kong.

By the lunch-break, shares of DBS, which also went ex dividend on Monday morning, fell 3.2 per cent to S$25.41. Shares of OCBC lost 1.16 per cent to S$11.08, while shares of UOB slipped 0.46 per cent to S$25.88.

Asked last week about the impact of the Hong Kong uncertainty, DBS CEO Piyush Gupta noted that while the bank has not seen an impact as yet on its loans business in Hong Kong, there is risk from prolonged uncertainty.