Singapore, Jan 26, 2026, 14:51 SGT — Regular session
- DBS shares dipped in afternoon trading, retreating from the near-record highs hit last week
- Focus turns to Thursday’s MAS policy review as the Singapore dollar strengthens
- DBS is scheduled to report its next major earnings on Feb. 9
Shares of DBS Group Holdings edged down on Monday, retreating a bit following a strong run in Singapore’s banking stocks. The stock fell about 0.6%, changing hands at S$58.32 in early afternoon trading. 1
This change matters because banks drive the Straits Times Index, with investors counting on them for steady earnings and yield. Two major events are on the horizon: Singapore’s central bank speaks Thursday, and DBS plans to release earnings in early February.
Traders are closely watching the Monetary Authority of Singapore (MAS), which shapes policy mainly by adjusting the currency instead of interest rates. The MAS controls the Singapore dollar using a trade-weighted band known as the S$NEER, tweaking it by shifting the slope, mid-point, and width.
DBS wasn’t alone in the selloff. UOB shares dropped more than 3% in early trade after JPMorgan cut the stock to “underweight.” The quick reversal highlights just how volatile sentiment remains after the sector’s recent rally. 2
According to a Reuters poll, MAS is widely expected to keep rates unchanged at Thursday’s review, though views differ on what comes after. Tay Qi Hang, an analyst at Economist Intelligence Unit Asia, pointed out, “The Q4 2025 growth outperformance coupled with stable core inflation at just above 1% in November has reduced near-term pressure to ease.” 3
Currency moves are intensifying the pressure. On Monday, the Singapore dollar soared to its strongest level versus the U.S. dollar since late 2014. A few analysts cautioned that authorities could intervene if the currency climbs further. 4
DBS is set to unveil its fourth-quarter 2025 results on Feb. 9, per its investor calendar. Investors will closely watch net interest income, fee growth in wealth management, credit costs, and any signals on dividends or capital returns. 5
DBS ended last week at S$58.65, after briefly climbing higher, holding close to recent highs despite a dip on Monday. 6
That said, the risks are obvious. Should MAS shift its stance abruptly, global yields drop sharply, or loan demand falter, bank margins would likely come under pressure and valuations could take a hit.
