Singapore’s three banks could post sharp declines in quarterly profits from a year earlier, hit by bad debt charges and lower trading income.
But analysts may focus more on the quarter-on-quarter numbers and look for forward-looking trends as the April-June period saw Singapore’s economy pulling out of its worst recession ever.
Fraser & Neave (FNN SP), Singapore’s biggest beverage maker, rose 0.5% to $4.13. The company said a unit has agreed to sell a proposed hotel and residential project in Hainan, China for $200.7 million to an unidentified buyer.
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DBS Group Holdings (DBS SP), Southeast Asia’s biggest bank, declined 0.9% to $13.60. The company was downgraded to “neutral” from “outperform” at CIMB Investment Bank Bhd., which said the stock’s recent had been excessive.
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Singapore’s benchmark stock index, the Straits Times Index, fell 0.19% at 9:05 a.m.
The index of 30 companies traded on Singapore Exchange fell 5.01 to 2,619.03. Among the stocks in the index, 9 rose, 16 fell and 5 were unchanged.
Declines in the Straits Times Index were led by DBS Group Holdings, United Overseas Bank and Noble Group. About 106.09 million shares changed hands in Singapore.
Once again, the highlight of Comic-Con was the annual Syfy/Entertainment Weekly party at the Hotel Solamar – a relaxed gathering of several hundred stars,…
DBS Group Holdings, Southeast Asia’s largest bank, plans to open two to three branches in Taiwan in the next three years, Jerry Chen, head of DBS Taiwan told a briefing in Taipei today. Chen said he doesn’t rule out mergers and acquisitions if there are opportunities. He declined to name any targets.
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