UOB share price hammered by coronavirus
On 15 March 2020, US Federal Reserves held a second emergency meeting to slash interest rates to near zero and announced quantitative easing measures to contain the fallout from the coronavirus. The stunning move is expected to impact local bank stocks like UOB share price in the coming days.
All hell broke loose for all three local bank stocks as COVID-19 unleashed the biggest financial storm in more than a decade. As one of the Strait Times Index (STI) heavyweights, UOB share price is not spared from the bloodbath carnage. At the point of writing, UOB share price had plunged by a staggering 26% while DBS stock slipped 27% and OCBC shed 20% year-to-date.
UOB share price in royal rumble with DBS and OCBC
UOB share price fought back after bizarre plunge
Being the only family-owned and family-managed bank in Singapore, UOB is controlled by the Wee family. During the financial pandemic of Great Financial Crisis 2009, veteran banker Wee Cho Yaw was still at the helm. Now, his eldest son, Wee Ee Cheong is holding the fort. Will UOB share price be able to fight against the gravitational pull of the virus pandemic?
Amid the unfolding coronavirus, UOB management decided to press the panic button by launching a series of shares buyback activities.
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