UOB shares retreat 3.3% after reaching record high

UOB shares declined by over 3 per cent on Monday (Jan 26) morning after hitting a new high last Friday.

As at 9.05 am, the counter slipped by over 2 per cent to S$38.43, before falling further by 3.1 per cent or S$1.23 to S$38.27 by 9.17 am.

It reached S$38.20, down 3.3 per cent or S$1.30, as at 9.22 am.

UOB was also the largest decliner on the Straits Times Index at market open on Monday – appearing to correct from new highs it reached last week.

This comes after it surged by 5 per cent on Jan 23, when it closed at S$39.50

Analysts were mostly positive on UOB last week, with Macquarie analyst Jayden Vantarakis raising his call on the stock to “outperform”, with an increased target price of S$41.

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On a whole, Singapore’s trio of local banks were flagged as beneficiaries from wealth asset management inflows due to the city-state’s “safe-haven” status, said the analyst in a note on Jan 21.

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