Singapore banks lose over S$37 billion in market value as tariff sell-off continues
Slower growth and potential rate cuts by US Fed could weigh on bank margins and earnings
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[SINGAPORE] Shares of Singapore’s three local banks continued to slide on Monday (Apr 7), leading a broader market sell-off triggered by concerns over US tariffs.
At market close, DBS had dropped 9.3 per cent to S$39.28; OCBC declined 6.9 per cent to S$15.47; and UOB slid 6.3 per cent to S$33.23.
The benchmark Straits Times Index – which is heavily weighted by the three banks – fell 7.5 per cent to 3,540.50, just days after it breached the 4,000-point milestone on Mar 28.
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