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Brokerages see surge in account openings as new investors take advantage of 'market reset'

Uma Devi
Uma Devi5/8/2020 07:00 AM GMT+08  • 4 min read
Brokerages see surge in account openings as new investors take advantage of 'market reset'
"There are a few major stock-market cycles happening in one’s lifetime and one of them is unfolding now,” says OCBC’s head of equities business Alvin Tham. “There are huge trading opportunities and yet there are major pitfalls," he adds.
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SINGAPORE (May 8): On a normal day, setting up a brokerage account with DBS Vickers would take anywhere between five and seven days. But a check by The Edge Singapore reveals that during these couple of months, the process has been stretched to up to four weeks, as the brokerage grapples with a high volume of requests.

Evy Wee, head of financial planning and personal investing at DBS, says requests for new-to-trading accounts surged to a record high for the brokerage in the first quarter this year. In her view, investors are looking to “seize the opportunity” presented as the market turned from bull to bear.

“We see both new and younger investors wanting to make investments when stock prices fell earlier in March, whereas existing investors want to rebalance their portfolios to reflect current market sentiment,” says Wee. “More customers have also come forward to set up regular investing plans, while some existing customers have gone on to increase their monthly investment amounts.”

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