SINGAPORE, Nov 4 (Reuters) - Singapore shares hovered above
their lowest level in nearly two weeks hit in the previous
session in slow trading on Monday, as investors await central
bank meetings in Europe and a key U.S. jobs market report for
The benchmark Straits Times Index inched up 0.1
percent to 3,205.40 points by 0350 GMT, after falling to a near
two-week low of 3,194.96 on Friday and finishing the week nearly
MSCI's broadest index of Asia-Pacific shares outside Japan
edged down 0.1 percent.
Oversea-Chinese Banking Corp Ltd was among the top
three performers on the index, up 0.9 percent at S$10.45 and
headed for its biggest daily gain in two-and-a-half weeks, after
Singapore's second-largest bank reported better-than-expected
results on Friday. Trading volume, however, was less than 15
percent of the 30-day daily average.
OCBC's stock price has risen over 7 percent this year,
behind a 13 percent gain in bigger rival DBS Group Holdings Ltd
, but outperforming the 5 percent climb in United
Overseas Bank Ltd, Singapore's third-largest bank.
CIMB analysts maintained their "underperform" call on OCBC,
out of concerns that the bank's profit mainly came from its
insurance subsidiary and credit quality appeared to be on the
"Clearly, the credit cycle is as good as it can be and will
deteriorate from here," they wrote in a research note, noting
that the NPL (non-performing loans) ratio increased to 0.8
percent from 0.7 percent in the previous two quarters.
Genting Singapore PLC shares were flat ahead of
results due after market close on Monday.