What a boisterous form for OCBC share price! In my previous article, I shared that OCBC share price could be on fire with the release of the first quarter financial result. Indeed, OCBC did not fail to deliver. Group net profit for 1QFY2021 of $1.50 billion was significantly higher than the $698 million a year ago.
But then again, Man proposes, God disposes. All local bank stocks, including OCBC share price, suffered a correction following news of the first COVID-19 case at Changi Airport. Since then, the growing number of infections linked to Changi Airport has turned it into the largest cluster in 2021. Against this backdrop, the narrative for OCBC share price turned sombre. From $12.60 on 10 May, OCBC share price tanked to $11.70 on 14 May. In this regard, volatility remains the name of the game for OCBC share price.