Weeks ago, Brexit left stock prices volatile - bank stocks were no exception. I did a short write-up on OCBC Bank in the last week of June, explaining that there was a short window of opportunity to pick up shares at $8.20+. The price rallied in the following weeks, barely crossing $9.00 in late July, so congratulations to those who've made a bit of coin trading OCBC stock.
Now, another event has shaken the market - this whole thing with Swiber's USD 700m loan with DBS has affected bank stocks. Let me just give you the cliffnotes of what happened: Swiber, a company that deals in oil and gas construction projects, originally filed to liquidate its assets to settle debt issues with creditors. A few days later, they opted instead to operate under judicial management, which lets them operate under court-sanctioned supervision. DBS granted a loan of ......