DBS’ Shares Soar Past S$40 Mark Amid Bright Q3 Earnings Results
DBS’ shares have shot past the S$40 mark, with other major banks’ shares also rallying amid bright Q3 earnings results.
OUTGOING DBS CEO Sells Shares Amid Rally
OUTGOING DBS chief executive officer Piyush Gupta sold lots of his DBS shares on Nov 7 and 8, amid a bank rally that sent DBS shares past the S$40 mark.
In a bourse filing on Monday (Nov 11), the bank disclosed that he sold 300,000 shares over those two days – 100,000 shares at S$41.7513 a share on Nov 7, and 200,000 shares at S$42.2023 a share the following day.
The two transactions netted Gupta S$12.6 million, and reduced his current holdings to 1.9 million DBS shares from 2.2 million shares before.
Banks Rally Amid Consensus-Beating Performances
His transactions come as Singapore banking stocks rallied after consensus-beating performances for the third quarter of 2024. DBS, UOB and OCBC shares continued to rally on Monday, hitting new all-time highs at the close of trading.
DBS closed up 0.8 per cent or S$0.35 to S$42.75, OCBC closed up 1.6 per cent or S$0.26 to S$16.32, while UOB was the top gainer on the Straits Times Index, up 2.7 per cent or S$0.96 to S$36.65.
Conclusion
In conclusion, DBS’ shares have shot past the S$40 mark amid bright Q3 earnings results, with other major banks’ shares also rallying. OUTGOING DBS CEO Piyush Gupta sold shares amid the rally, netting S$12.6 million.
FAQs
Q: How many shares did Piyush Gupta sell?
A: Piyush Gupta sold 300,000 shares over two days – 100,000 shares at S$41.7513 a share and 200,000 shares at S$42.2023 a share.
Q: How much did Piyush Gupta net from the sale of shares?
A: Piyush Gupta netted S$12.6 million from the sale of shares.
Q: What was the impact of the sale on Piyush Gupta’s current holdings?
A: The sale reduced Piyush Gupta’s current holdings to 1.9 million DBS shares from 2.2 million shares before.
Q: Which banks’ shares rallied amid the Q3 earnings results?
A: DBS, UOB, and OCBC shares rallied amid the Q3 earnings results, with DBS closing up 0.8 per cent, OCBC closing up 1.6 per cent, and UOB closing up 2.7 per cent.
