The stock market barometer of Singapore, the Straits Times Index, is now down over 900 points since its high seen earlier this year.
In terms of percentage, the index has plunged almost 30% to 2,320 at the time of writing on Thursday.
In just two days since I last looked at the Straits Times Index, it has already shed another 180 points.
The plunge can be mainly attributed to the crumbling shares prices of the three Singapore-listed banks — DBS Group Holdings Ltd (SGX: D05), Oversea-Chinese Banking Corporation Limited (SGX: O39) and United Overseas Bank Ltd (SGX: U11) — which collectively take up close to 40% of the index.
With the banks’ tumbling share prices, investors might be wondering if there’s value in the banks’ shares at their latest stock prices.
To help answer that, let’s compare the historical price-to-book (PB) ratios, price-to-earnings (PE) ratios, and
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