Singapore's banking system remains sound and resilient, and banks in the city-state have confirmed that their exposure to Credit Suisse is insignificant, the Monetary Authority of Singapore (MAS) said. The MAS said it had been in close contact with the Swiss Financial Market Supervisory Authority (FINMA), the parent supervisory authority of Credit Suisse Group AG, on recent developments surrounding the bank.
Oversea-Chinese Banking Corporation Limited (OVCHY) appears to have found support after losing some value lately, as indicated by the formation of a hammer chart. In addition to this technical chart pattern, strong agreement among Wall Street analysts in revising earnings estimates higher enhances the stock's potential for a turnaround in the near term.
Oversea-Chinese Banking Corporation Limited (OVCHY) has been upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.