Singapore Banks Fall as Tech Sell-Off Hits Markets: Week of 2–6 November 2026

Singapore's three big banks all fell in the week of 2–6 November 2026 — and not for the same reason in each case. Two missed their third-quarter forecasts. One beat them. All three were caught in a wider sell-off that started in US technology stocks and spread across Asia.

The Straits Times Index (STI) ended the week down 3.67%, or 197.57 points, at 5,179.17 on Friday 6 November. Singapore's market was closed on Monday 9 November for Deepavali (observed), so the figures in this post are to the Friday 6 November close. There was no Monday trading to report.

This is a look back at that week, not a forecast of what happens next.

The week at a glance

• STI: 5,179.17 — down 3.67% (-197.57 points) for the week
• DBS: $69.72 — down 3.78% from its $72.46 open on 2 Nov
• UOB: $36.88 — down 10.27% from its $41.10 high on 2 Nov
• OCBC: $27.73 — down 4.28% from its $28.97 high on 2 Nov
• Nasdaq Composite: 24,579.42 — down 3.4% for the week, after -5.52% on 5 Nov
• S&P 500: 7,376.86 — down 2.7% for the week
• Nikkei 225: 57,434.77 — down 5.96% on 6 Nov alone
• KOSPI: 5,059.69 — down 6.02% on 6 Nov alone

DBS: profit down, dividend held

DBS reported third-quarter net profit of $2.81 billion, down 5% from $2.95 billion a year earlier. The main drag was markets trading income, which fell 65% year on year to $152 million, on unfavourable equity market conditions.

The result missed the $2.95 billion consensus forecast in a Bloomberg poll of eight analysts, according to DBS's own trading update and The Straits Times.

That was not the whole story. For the first nine months of 2026, DBS's net profit rose 2% to a record $8.82 billion, on record total income of $17.89 billion, with return on equity at 17.0%. Net interest income rose 4% in the quarter to $3.71 billion.

The board declared a total dividend of 81 cents per share for the quarter — 66 cents ordinary plus 15 cents capital return — taking the first-nine-months total to $2.43 per share. DBS shares go ex-dividend on Friday 13 November, with payment on or about Tuesday 24 November. A share price usually falls by roughly the dividend amount on the ex-dividend date, all else being equal, because new buyers no longer get that dividend.

DBS also announced a chairman change: Peter Seah will retire at the end of 2026 after 16 years as chairman, with board member Anthony Lim taking over from 1 January 2027. Seah will be appointed senior adviser for a year.

UOB: the biggest fall, despite a 182% profit jump

UOB had the sharpest weekly fall of the three banks, down 10.27% to $36.88.

Its headline profit looked strong at first glance: third-quarter net profit jumped 182% year on year to $1.25 billion, from $443 million a year earlier. But that jump came off a low base. In the third quarter of 2025, UOB had set aside $1.36 billion in allowances for credit and other losses. This quarter, those allowances fell 81% to $258 million.

The market focused on two other things. First, the $1.25 billion missed the $1.38 billion consensus forecast among six analysts polled by Bloomberg. Second, profit was 15% lower than the previous quarter's $1.48 billion, mainly because gains from asset disposals in that quarter did not recur.

Underneath, net interest income edged up 1% to $2.28 billion, and net fee income rose 19% to $733 million. The concern was margins: UOB's net interest margin narrowed to 1.68%, from 1.82% a year earlier, and management now expects the full-year margin to come in below its earlier guidance range of 1.75% to 1.80%.

OCBC: the only one to beat forecasts — and still fell

OCBC was the only one of the three to beat forecasts, and its shares still fell 4.28% for the week, to $27.73.

Third-quarter net profit rose 3% year on year to $2.04 billion, ahead of the $2.01 billion average forecast from four analysts in LSEG data. It was the bank's second consecutive quarter with earnings above $2 billion. For the first nine months, net profit reached a record $6.24 billion, up 10% from a year earlier.

Banking operations profit climbed 16% to a record $1.9 billion. The drag came from its insurance arm, Great Eastern, whose third-quarter net profit fell 72% to $102.9 million, on weaker investment valuations and a one-off loss from the partial divestment of its Indonesian subsidiary. Excluding Great Eastern, OCBC's total income rose 6% instead of falling 2%.

OCBC raised its 2026 guidance for the second time this year.

The lesson from OCBC's week is a useful one for long-term holders: a good result does not protect a share price in a broad sell-off. The result and the price can move in opposite directions in the same week.

Why the market fell: the US tech rout

The bank results were only half the story. The other half arrived from the United States on Thursday 5 November.

After the Democrats won both chambers of Congress in the US midterm elections on 3 November, markets began pricing in tougher scrutiny of AI infrastructure — in particular, slower data-centre building, with some newly elected governors pledging pauses on new data-centre permits and tighter rules on power and water costs.

The Nasdaq Composite fell 5.52% on 5 November, to 24,315, its worst single session since April 2025. The Straits Times put the market value wiped out at an estimated US$2.5 trillion; other reports put the Nasdaq-100 loss at about US$2.3 trillion. Either way, it was a very large one-day loss, concentrated in AI and semiconductor stocks.

The sell-off spread to Asia on Friday 6 November. Japan's Nikkei 225 fell 5.96% to 57,434.77, more than 20% below its June peak, according to The Straits Times. South Korea's KOSPI fell 6.02% to 5,059.69, after falling as much as 8.5% intraday and triggering a circuit breaker that halted trading for 20 minutes.

In Singapore, semiconductor-related stocks fell hardest. UMS Integration fell 18.9% over the week and Frencken 16.2%.

US markets bounced partly on Friday 6 November — the Nasdaq rose 1.1% to 24,579.42 and the S&P 500 rose 0.3% to 7,376.86 — but that did not erase the week's losses. For the week, the Nasdaq was down 3.4% and the S&P 500 down 2.7%.

Two bright spots that week: Grab and SingPost

Not everything fell. Two Singapore names reported results that went the other way.

Grab said third-quarter revenue rose 27% year on year to US$1.11 billion, or 30% on a constant-currency basis, its first quarter above US$1 billion. Adjusted EBITDA rose 73% to a record US$237 million, its 19th consecutive quarter of adjusted EBITDA growth. Grab raised its full-year 2026 guidance to revenue of US$4.15 billion to US$4.20 billion, from US$4.10 billion to US$4.15 billion, and adjusted EBITDA to US$790 million to US$800 million, from US$720 million to US$740 million. Its Nasdaq-listed shares rose to US$3.41 at the close on 6 November, from US$3.26 after the announcement on 3 November.

SingPost's net profit for the first half ended 30 September rose 183.7% to $55.9 million, from $19.7 million a year earlier — but almost all of that was a one-off. Exceptional gains of $44.4 million, against $13.9 million a year earlier, largely reflected the sale and leaseback of 10 HDB post office shophouses. Revenue fell 1.3% to $185.9 million, mainly on lower international revenue as letter mail volumes continued their structural decline. Underlying net profit, excluding exceptional items, more than doubled to $11.5 million, from $5.5 million. Its shares rose 6.9% on 6 November to close the week at 31 cents.

SingPost is a good example of why the headline profit number is not enough on its own. A 183.7% rise driven by a property sale tells a different story from a 183.7% rise driven by growing revenue.

What to watch next

US CPI on Tuesday 10 November. The US consumer price index for October is due on 10 November, after a stronger-than-expected US jobs report on 6 November: employers added 165,000 jobs in October, against a forecast of about 65,000, and unemployment edged down to 4.1%. Traders raised the odds of a December Federal Reserve rate rise to about 80%, according to Reuters. OCBC's Vasu Menon, quoted in The Straits Times, said US monetary policy is primarily driven by jobs and inflation data, and that inflation is still running above the Fed's 2% target.

DBS ex-dividend on Friday 13 November. As above, DBS goes ex-dividend on 13 November for its 81-cent quarterly dividend. Holders who want that dividend need to hold the shares before that date; the price will normally adjust down by roughly the dividend on the day itself.

Whether the tech bounce holds. Friday's US rebound was partial. The Nasdaq is still in correction territory — more than 10% below its October record — and the question for the coming week is whether the AI spending worries fade or deepen. No one-day bounce settles that.

A short checklist for readers

• Separate the result from the price. DBS, UOB and OCBC reported very different quarters, and all three fell. A week's price move is not a verdict on a business.
• Read past the headline profit. UOB's 182% rise and SingPost's 183.7% rise both came with important context — a low base in one case, a one-off property gain in the other.
• Check the dividend dates, not just the dividend amount. DBS's 81 cents matters only if you hold the shares before 13 November, and the price normally adjusts on that day.
• Watch the data, not just the headlines. US CPI on 10 November is the next scheduled test for the rate outlook that moved markets last week.
• Do not mistake a one-day bounce for a recovery. Friday's Nasdaq rise of 1.1% left it down 3.4% for the week.

Photo: Singapore's financial district skyline. Photo by Wes Guild on Pexels, free to use.

Sources: The Straits Times, Market Insights Nov 2-6; DBS Group Holdings, 3Q26 Trading Update, 5 Nov 2026; OCBC Q3 2026 results, 6 Nov 2026; UOB Q3 2026 results, 4 Nov 2026; Grab Holdings Q3 2026 results, 3 Nov 2026; SingPost H1 results, 6 Nov 2026; US Bureau of Labor Statistics, October 2026 jobs report.

Disclaimer: This article is for general information only and does not constitute financial advice. Markets and prices can change quickly. Always do your own research or consult a licensed financial adviser before investing.

Share This:

Post Tags: