Top mover alert: UOB drops more than 4% at open, DBS up more than 2% to new record high on results

🔻UOB: stock fell as much as 4.6% to $33.25 this morning after the bank said that it took SGD 615 million general credit allowances to cushion against broader banking sector headwinds given the US and China real estate risks, which led to its 3Q net income tumbling 72% to SGD 443 million, far below the SGD 2.27 billion average estimates of Bloomberg analysts

📊UOB's results contrast with that of DBS, which posted higher than expected profit of SGD 2.95 billion which despite falling 2% from the previous year, was ahead of the SGD 2.79 billion predicted by Bloomberg analysts

💰Particularly, its wealth fees surged more than 30% to SGD 796 million, while assets under management hit a record to SGD 474 billion

💫DBS: stock has rallied 2.9% as of 923AM to a new record high of $55.04 on the back of its results

🎖DBS call warrants and UOB put warrants are amongst this morning's top warrant gainers given the underlying share price moves.

💸Both warrants are seeing holders cash in on the positions this morning