OCBC share price on the rage!
Lifetime Membership Crisis? What crisis?! OCBC share price rubbished all talks of crisis to stage a return of the King! Year-to-date, OCBC share price rocketed 9.5% (at the point of writing). On the basis of the current run, will OCBC hit a record high of $14 in the coming days? This will be a quick article to update readers on the outlook of OCBC share price in the next two months.
On 27 January 2022, the US Federal Reserves indicated that the interest rate hikes will likely to take place in March and confirmed its plan to end bond purchases in that month. As I have mentioned many times in this blog, the interest rate hikes will benefit Singapore banks because of the increase in net interest income. For this reason, the upcoming interest rate hike news sent OCBC share price to the moon.
The sizzling form of OCBC share price comes at a time when the bank is about to release its full year financial result for FY2021. The red-hot form of OCBC share price also coincided with the recovery of Singapore’ economy, which grew 7.2% in 2021. Talk about being at the right time and right place!
Admittedly, the recent phishing scams had rocked market sentiments to a certain extent.Read more