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Banks kept at 'overweight' by UOB on Fed's dovish stance, dividend yield

PC Lee
PC Lee1/18/2019 02:28 PM GMT+08  • 2 min read
Banks kept at 'overweight' by UOB on Fed's dovish stance, dividend yield
SINGAPORE (Jan 18): UOB Kay Hian is maintaining Singapore’s banking sector at “overweight” after the US Fed calmed the nerves of investors with its dovish disposition, which subsequently generated a relief rally.
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SINGAPORE (Jan 18): UOB Kay Hian is maintaining Singapore’s banking sector at “overweight” after the US Fed calmed the nerves of investors with its dovish disposition, which subsequently generated a relief rally.

“We maintain ‘buy’ for both DBS and OCBC, although we prefer OCBC,” says analyst Jonathan Koh in a Friday report. The research house has target prices of $28.50 and $13.82 respectively.

Fed’s narrative took a dovish turn in mid-Nov when Fed Chairman Jerome Powell highlighted potential headwinds buffeting the US economy in 2019, including a slowdown in growth overseas and and the lagged effect from the nine previous hikes in Fed funds rate since late 2015.

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