The headlines screamed “Singtel share price soared with digital bank win”. Yet on 7 December (the following Monday after which Grab-Singtel consortium won a full digital banking license from MAS), short-selling volume rose to a stunning high of 21 million shares. This is almost five times the average short-selling volume for this counter. What’s going on?

As one of the leading lights of SGX mainboard, Singtel share is highly popular with investors. So the recent digital bank license win must have brought some relief to many of these long-suffering investors. For the past one year, Singtel share price had been in terrible form, plunging from $3.40 at the start of the year to a low of $2.00 on 2 November. Not surprising, the key culprits for the bearish form of Singtel share price were the COVID-19 pandemic and the losses from Airtel.

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