UOB shares saw a substantial increase of 5.6% after CEO Wee Ee Cheong mentioned during an earnings briefing that the bank would consider a share buyback and other options. This surge in UOB's stock is the highest it has been since June 2020, indicating strong investor confidence.
The rise in UOB's stock is similar to the trend seen in DBS Group Holdings Ltd., which recently announced a share buyback program. DBS's stock also experienced a significant boost this week, suggesting that Singaporean banks are increasingly returning capital to shareholders due to favorable market conditions.
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