Was the market spooked by the possibility that interest rates are approaching a plateau? Or was it in DBS’s reporting that its low-cost Casa (current account savings account) had declined by $60 billion y-o-y to $318 billion during FY2022 ended December 2022 while higher-cost fixed deposits rose by $88 billion y-o-y to $209 billion?
Between Feb 10 and Feb 15, the Straits Times Index (STI) fell by 60 points, ending the session on Feb 15 at 3,280.
Part of the reason was the sudden sell-off in the share price of DBS Group Holdings after it announced a record net profit of $8.19 billion, and its CEO had articulated the hope of getting to a net profit of $10 billion for the current calendar year which is also DBS’s financial year.
