DBS shares declined as much as 1.88 per cent during Monday morning's trading session following Citi Investment Research's downgrade of its shares to"neutral" from"buy". The lender's shares were down 1.7 per cent, or S$0.45, as at 10.41am.
Citi lowered DBS's target price to S$27 from S$31.10 due to the lender's exposure to China amid uncertainties over a US-China trade deal.from OCBC Investment Research which also downgraded DBS to"hold" with a fair value of S$29.18. In an overall retreat by the Straits Times Index on Monday morning, the other two bank shares saw declines as well. UOB shares were down 1.05 per cent, or S$0.27, at S$25.34, while OCBC shares were down 1.23 per cent, or S$0.14, at S$11.25 as at 10.41am.
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