Wednesday, 12 April 2023

OCBC Missed Opportunity

Immediately after being forced to sell my OCBC because of the TAC debacle, Silicon Valley Bank failed. This triggered a contagion for bank worlwide. Credit Suisse was the next to fall. Another two US banks, Silvergate and Signature Bank also collapsed within five days. Panic ensued in the banking world, and stocks were down. I saw OCBC also falling, and with a smile said 'there must be a reason i couldnt buy them earlier'. There is a God after all! The problem was the TAC issue still couldnt be solved, and i coud only saw the stock tumbling down all the way to 12.07 while my pile of money sat uncomfortably unotuched. I sent a snail mail to the bank to change my phone number but didnt receive a reply, only to find out much later that a reply was already in my mailbox that i didnt check. In the end i managed to attend the conference in Singapore, after almost having to beg an unresponsive superior. Was made to wait for hours at the beautiful Chulia St bank but was happy to finally put an end to the issue. By the time I got back, the price has stabilised and I was worried it could run away now that the ex-date is nearing. Queued for 12.70 but failed, and the next day queed at 12.75 only to see the price dropped all the way to 12.68. Ouch. Anyway I got the 2 lots, and it felt like my constipation has finally eased. Commission was 80.68. As it stands my holdings are at an avg price of 10.58. X1000 = X800 = X2000 = X2000 = 13/4/23 X2000 = 25,580.68

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