Singapore, Feb 2, 2026, 14:54 (SGT) — Regular session.
Shares of DBS Group Holdings Ltd slid Monday afternoon, weighed down by a wider risk-off trend hitting Asian banks. The stock dropped 1.0% to S$58.58, down from Friday’s close of S$59.20, fluctuating between S$58.55 and S$59.23 during the session. OCBC shares declined 1.2%, while United Overseas Bank edged down 0.5%.
The pullback comes at a tricky time. DBS is set to report earnings next week, and investors are wrestling with how much of last year’s rate-fueled gains will hold up into 2026.
Rates continue to carry the bulk of the burden for banks. Traders keep a close eye on net interest margin — the difference between what banks earn on loans and pay on deposits — looking for signs the spread might be shrinking quicker than anticipated.
Equities across Asia dropped as another steep fall in precious metals sparked forced selling and dragged down sentiment. CME Group hiked margin requirements on multiple metals contracts, piling on the pressure. Investors also braced for a busy week filled with earnings reports and key economic data.
“It’s risk off and de-leveraging—a flushing out of leverage in the system which has built up,” said Christopher Forbes, head of Asia and Middle East at CMC Markets. Reuters
In Singapore, the benchmark Straits Times Index slipped roughly 0.8%, weighed down largely by bank stocks.
DBS plans to release its fourth-quarter 2025 results on Feb. 9, according to its investor-relations calendar. Investors will focus on loan growth, credit costs, and fee momentum, while also watching for any updates on dividends and capital returns.
In its November results update, the bank confirmed an S$8 billion capital return plan stretching to 2027, which features S$3 billion in share buybacks. It also projected 2026 net profit to dip just below 2025’s level as the benefit from rising rates fades.
Right now, the short-term play boils down to macro noise clashing with earnings reality. If margins stabilize or the dividend outlook brightens, the stock could find footing despite ongoing market volatility.
There’s a catch, though. If the metals sell-off drags on, investors might be forced to offload assets indiscriminately. That could drag bank shares down too, no matter their fundamentals, turning results week chaotic in a hurry.
