Sign up & unlock articles! Troubles certainly come in troops for UOB share price. Amid the devastating fallout from COVID-19, UOB share price slipped following news that DBS, OCBC and UOB were faced with $870 million loan exposure to embattled home-grown oil trader, Hin Leong.
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The fall of Hin Leong cannot be underestimated as it is one of the largest marine fuel suppliers in Singapore. It also came at a time when global crude oil was trading at negative prices due to oversupply issue and price war between Saudi Arabia and Russia. Oil crisis is certainly not a new risk for local banks. In the 2014’s oil crisis, UOB share price got hammered as well, falling from $24 in May 2015 to the abysmal...