J.P. Morgan warned that the sharp rise in long-term bond yields will hurt the profits of Southeast Asian banks in the third quarter, and the wave of sell-off of Bank of Singapore stocks will further intensify. The stock prices of DBS Group and UOB both fell by more than 5%. The biggest decline of OCBC reached 4.8%, dragging down the benchmark Straits Times Index. The market is concerned that high bond yields will impact book value and dividend payments, and that combined valuations are high; J.P. Morgan analysts suggest that customers reduce their holdings of Bank of Singapore shares.

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