DBS, OCBC, and UOB in focus: Weekly Review with SIAS

What happened?

In this week’s Weekly Market Review in partnership with the Securities Investors Association Singapore (SIAS), we discuss the continued rally in global markets, easing expectations of a September US rate hike, and the latest earnings updates from DBS, OCBC and UOB. We also look at the technical outlook for the STI and major US indices following another strong week for equities.

Watch the video to learn more about what we are looking out for this week.

Weekly Market Review

1:28 - Macro Update

• US markets rallied strongly last week, with the S&P 500 gaining 3.6% to reach a fresh all-time high, while the NASDAQ surged 5.2% as technology stocks led the rebound.
• The STI also continued to climb, gaining 1.1% over the week to trade around the 5,700 level, supported by strong earnings from DBS and OCBC.
• Investor sentiment improved on signs of progress in resolving the Middle East conflict, with oil prices falling slightly.
• US labour market data also came in weaker than expected, with the economy losing around 20,000 jobs in July, reducing expectations that the Federal Reserve would need to raise interest rates aggressively.
• The probability of a September rate hike fell from close to 70% a week earlier to around 50%, while the US 10-year Treasury yield eased to about 4.65%.
• Among the stronger-performing Singapore stocks last week, Venture gained 7.5%, Yangzijiang Shipbuilding rose 7%, while DBS and OCBC climbed after reporting stronger-than-expected earnings.
• On the weaker side, Mapletree Pan Asia Commercial Trust fell 3.8%, Mapletree Logistics Trust declined 3.2%, while Jardine Matheson and DFI Retail Group also posted losses.

STI Top Performers:

• Venture
• Yangzijiang Shipbuilding
• OCBC
• DBS
• ST Engineering

STI Worst Performers:

• DFI Retail Group
• Singtel
• Mapletree Logistics Trust
• Mapletree Pan Asia Commercial Trust
• Jardine Matheson

Companies in Focus: 

DBS (SGX: D05)

• DBS reported record second-quarter earnings, with net profit reaching S$3.1 billion, representing a 9% increase year on year and exceeding market expectations.
• Net interest margin continued to come under pressure, declining to 1.87% from 2.05% a year earlier as lower Singapore interest rates weighed on net interest income.
• However, strong growth in fee income helped offset the weakness in net interest income. Second-quarter fee income rose 22% year on year to S$1.7 billion, with wealth-related fee income surging 42% to S$919 million.
• DBS maintained a strong capital position with a CET1 ratio above 17% and declared a total dividend of 81 cents per share, comprising a 66-cent ordinary dividend and a 15-cent capital return dividend.
• The bank also raised its full-year outlook, expecting 2026 total income to exceed 2025 levels, supported by mid-teens growth in commercial book non-interest income.
• Following its strong share price rally to around S$76, DBS is now trading at close to 3.2 times price-to-book, significantly above its historical average.

Read also: DBS profit rises 9% and declares S$0.81 in total dividends in 2Q26: Our Quick Take

Related Links:

• DBS (SGX: D05) latest valuation, share price and analysis
• DBS (SGX: D05) dividend history and dividend forecast

OCBC (SGX: O39)

• OCBC also reported record earnings, with first-half net profit increasing 13% year on year while second-quarter net profit surged 22%, outpacing DBS’ earnings growth.
• Like DBS, OCBC faced pressure on net interest margins, although loan growth helped limit the decline in net interest income.
• Non-interest income reached a record S$1.9 billion in the second quarter, up from S$1.26 billion a year earlier, supported by stronger fee and commission income.
• Wealth management fee income increased to S$470 million from S$320 million in the second quarter of 2025, continuing to be one of the key drivers of earnings growth.
• OCBC raised its interim dividend to 47 cents per share from 41 cents a year earlier, representing a payout ratio of 50%.
• Management also raised its 2026 outlook, expecting high single-digit to low double-digit loan growth and continued total income growth. However, OCBC now trades at around 17.7 times earnings, above its historical average.

Read also: OCBC reports 22% rise in net profit and higher interim dividend: Our Quick Take

Related Links:

• OCBC (SGX: O39) latest valuation, share price and analysis
• OCBC (SGX: O39) dividend history and dividend forecast

UOB (SGX: U11)

• UOB’s earnings growth remained more subdued compared with DBS and OCBC, with first-half 2026 net profit rising just 3% year on year to S$2.9 billion.
• Net interest margins remained under pressure, causing net interest income to decline compared with both the previous quarter and the previous year.
• Although UOB reported record wealth fees, overall fee income was broadly flat in the first half of 2026 as wealth management growth remained weaker than at DBS and OCBC.
• Asset quality remained manageable, with a non-performing loan ratio of 1.6%, while the interim dividend was raised slightly to 88 cents per share from 85 cents previously.
• Management expects low single-digit loan growth and low single-digit fee income growth for 2026, pointing to a more muted outlook compared with DBS and OCBC.
• UOB nevertheless continues to trade at a lower valuation of around 13 times earnings, compared with a historical average of around 11 times.

Read also: UOB reports 10% increase in 2Q26 profit and higher interim dividend: Our Quick Take

Related Links:

• UOB (SGX: U11) latest valuation, share price and analysis
• UOB (SGX: U11) dividend history and dividend forecast

Technical Analysis

Straits Times Index

• The STI closed last week at 5,698, close to the 5,700 psychological level and just below its previous all-time high of 5,713, after rebounding strongly on the back of the Singapore banks’ earnings.
• Immediate resistance is around the 5,713 to 5,720 region, while a breakout above 5,700 could put the 5,800 psychological level in focus.
• Near-term support is around the 20-day moving average at 5,588, followed by stronger support near the lower Bollinger Band at 5,456.
• The RSI is close to 69, suggesting the STI is approaching overbought territory and may be due for some technical consolidation after the strong July rally.

Learn more about the Straits Times Index (STI) here.

Dow Jones Industrial Average

• The Dow Jones reached a fresh all-time high of 54,744 last week, supported by optimism that progress could be made towards a US-Iran peace agreement.
• Immediate resistance is around 54,700 to 55,000, while the 20-day moving average near 52,730 provides the first major support level.
• The RSI remains healthy at around 63, suggesting that there is still room for further upside before the index enters overbought territory.
• The Dow could retest its recent high before experiencing a technical pullback towards its 20-day moving average.

S&P 500

• The S&P 500 also reached a new all-time high, briefly climbing to around 7,793 before consolidating near the 7,760 level.
• Immediate resistance is around 7,800, while the next psychological target is 8,000 if the broader market rally continues.
• The 20-day moving average around 7,537 remains the key pivot, while stronger support is seen near 7,274.
• The RSI stands at around 66, indicating strong momentum but also suggesting that the index is approaching overbought territory.

Learn more about the S&P 500 index here.

Nasdaq Composite Index

• The NASDAQ rebounded strongly over the past week but has yet to retest its previous all-time high of 27,190.
• The index is currently around 26,650, with immediate resistance around the 27,000 level and the previous record high at 27,190.
• The weaker US jobs data has reduced expectations of a September rate hike, providing support to technology and growth stocks.
• The RSI remains healthy at around 60, suggesting there is room for further upside if upcoming inflation data remains supportive and geopolitical tensions continue to ease.

Learn more about the Nasdaq Composite index here.

What to look out for this week

Key dates

• Monday, 10 Aug: Public holiday
• Tuesday, 11 Aug: Phillip SGD Money Market ETF, Keppel Ltd, Lendlease Global Commercial REIT, Singapore Airlines ex-dividend. Singapore 2Q26 GDP
• Wednesday, 12 Aug: Samudera Shipping Line, Parkway Life REIT, First REIT ex-dividend. CapitaLand Integrated Commercial Trust, Wilmar International, UOL Group, Hong Leong Asia, Centurion Corp earnings, US CPI (Jul)
• Thursday, 13 Aug: 6-month T-bills auction. SPDR Straits Times Index ETF, Daiwa House Logistics Trust, Sheng Siong Group, CapitaLand Ascendas REIT, IREIT Global, Centurion Accommodation REIT, CapitaLand China Trust ex-dividend.  CapitaLand Investment Ltd, City Developments Ltd, Genting Singapore, ST Engineering, SembCorp Industries, CSE Global, China Aviation Oil, Starhub earnings
• Friday, 14 Aug: DBS Group ex-dividend. First Resource, Golden Agri-Resources, Olam Group, Sasseur REIT earnings. US Retail sales (Jul).

Get the full list of stocks with upcoming earnings and upcoming dividends.

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