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Friday, February 10, 2012

Singapore Stock Market News

Q4 Profit up by 8% for DBS
DBS Group Holdings (DBSM.SI) may face a stiffer challenge in 2012 as Asian economies slow, following a strong end to 2011 when it posted an unexpected 8 percent rise in quarterly earnings to achieve its best-ever annual profit. DBS, Southeast Asia's biggest lender, has been capturing market share from rivals, in particular European banks that have stepped back from Asia due to the eurozone debt crisis. In the three months ended December, the Singapore lender chalked up loans growth of 28 percent.

Hopes for higher rates in DBS's key markets - Singapore and Hong Kong - were dented after the Federal Reserve signalled that U.S. rates would probably remain at their current level near zero through late 2014. DBS shares have rebounded this year, soaring 18 percent compared to UOB's 15 percent rise and OCBC's 13 percent gain before its earnings announcement. Its shares fell about 20 percent last year, underforming the benchmark index.

Tokyo shares by 0.19% by noon
Tokyo shares lost 0.19 percent by the break Friday, after the euro sagged against the yen because of the lack of finality on Greece's debt, while profit-taking kicked in ahead of the weekend. The Nikkei index at the Tokyo Stock Exchange lost 17.40 points to 8,984.84 in the morning session, after opening in positive territory. The Topix index of all first-section shares fell 0.45 percent, or 3.52 points, to 780.97.
Dealers had expected stocks to be aided by a relatively weaker yen, but the single currency came under pressure in morning forex trade.

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