Singapore shares rise, with DBS driving gains; STI up 0.4%
Sign up now: Get ST's newsletters delivered to your inbox
The Straits Times Index was up 0.4 per cent, or 13.71 points, at 3,875.13.
PHOTO: ST FILE
Mia Pei & Therese Soh
SINGAPORE - Local shares closed higher on Feb 10 as investors cheered another round of record-breaking earnings reported by Singapore’s largest lender DBS Bank.
The Straits Times Index (STI) was up 0.4 per cent, or 13.71 points, at 3,875.13. Across the broader market, gainers outnumbered losers 293 to 269, after 1.3 billion securities worth $1.4 billion changed hands.
On the STI, Venture Corp was the top gainer, rising 1.9 per cent, or 24 cents, to $12.80.
It was followed by DBS, which climbed 1.6 per cent, or 70 cents, to $45.38 on a cum dividend basis. The lender registered record-breaking full-year earnings of $11.29 billion, with its fourth-quarter net profit up 11 per cent at $2.52 billion.
After the news, OCBC Investment Research raised its fair-value estimate of the stock to $50, from $43.60 previously.
“The external environment remains challenging, with more tariffs and likely policy changes at the major economies.
“However, we believe that Asia is likely to be more resilient compared with other regions,” the research team said in a note on Feb 10.
“With the 6.7 per cent dividend yield, we believe DBS remains attractive for high-yield-seeking investors.”
DBS’ strong earnings also buoyed investor confidence in the two other local banks. UOB ended 1 per cent, or 39 cents, higher at $37.77. It will release its full-year results on Feb 19.
OCBC Bank, which will report its earnings on Feb 26, closed up 0.3 per cent, or six cents, at $17.39.
Meanwhile, Hongkong Land was the biggest loser on the STI. It fell 3.7 per cent, or 16 US cents, to US$4.20.
Elsewhere in the region, major indexes closed the day mostly higher. Japan’s Nikkei 225 edged up 0.04 per cent, Hong Kong’s Hang Seng advanced 1.8 per cent, while South Korea’s Kospi dipped 0.03 per cent. THE BUSINESS TIMES
