Stocks to watch: OCBC, Fu Yu, TalkMed

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Monday (Jun 30):

OCBC : The local bank announced in an e-mail sent to customers on Jun 27 that it will cut interest rates for its 360 Account, in line with lower interest rate expectations. With effect from Aug 1, the maximum interest rate of its flagship savings account will be lowered to 5.45 per cent per annum on the first S$100,000, from the current 6.3 per cent. This is the second time this year that OCBC has trimmed rates for the 360 Account, having announced in March that it would cut the maximum rate to 6.3 per cent per annum for the first S$100,000, from 7.65 per cent, on May 1. Its shares closed up 0.7 per cent or S$0.12 at S$16.35 on Friday, prior to the rate revision announcement.

Fu Yu : The components manufacturer on Sunday announced the appointments of four new independent, non-executive directors at its annual general meeting on Jun 27. This follows the resignation of three of the group’s independent, non-executive directors on Jun 11, after attempts by its largest shareholder to have two of them removed, which left Fu Yu with no independent directors and its group chief executive officer David Seow as the sole director. The counter ended Friday 2.1 per cent or S$0.002 higher at S$0.097.