OCBC share price on ice and fire!
From almost $14 in early May, OCBC share price rolled off the cliff to languish at $11.30 in July. The steep decline came on the back of an extraordinary bull run that saw OCBC share price surging from $7.90 in February 2016 to reach the giddy high of $14 this year. When a stock has this sort of ridiculous form, it is only fair to expect a healthy correction. After all, what goes up must surely come down.
But at the back of many investors’ mind must be who are the dark forces responsible for the recent meltdown of OCBC share price. As a retail investor, you must figure this out because you don’t want to be caught with your pants down when the big boys strike.
Based on the data collected, there were two groups of big boys influencing OCBC share price in the months of May, June and July 2018 – the short-sellers and institutional funds. Both groups combined to knock the wind out of OCBC share price.
Of course, OCBC shares wasn’t the only stock suffering from meltdown in recent months. DBS, UOB and SingTel shares also went through poor form lately. But against the backdrop of the big boys’ movements, what are the chances of OCBC share price regaining its mojo? Is current OCBC share price a value trap or opportunity buy? Would the upcoming asset divestments set OCBC share price on fire?
Resistance is futile
Prior to the recent correction, OCBC share price had been on a mighty bullish run on the back of a record share buybacks programme. For FY2017, a staggering 20.5 million OCBC shares had been repurchased from the open market, the highest since 2013. The massive shares buyback probably fuelled the super bull run in OCBC share price and it certainly seemed that nothing can stop OCBC share price from flying.
The shares repurchased were [This is a premium article. The rest of the content is blocked and can be accessible by SG Wealth Builder Members only. To read the full content, please sign up as member.]
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