Singapore's benchmark index hit a five-year high
with local banks, ahead of their earning reports, among the top
The Straits Times Index was up 0.85 percent at 3,319.19, a
4.8 percent gain since Dec. 31, 2012. Asian shares advanced on
Monday, with the MSCI's broadest index of Asia-Pacific shares
outside Japan rising 0.6 percent.
Shares in United Overseas Bank Ltd jumped as much
as 2.2 percent to S$19.29, the highest in three weeks, while DBS
Group shares surged to the highest since August 2011,
gaining as much as 1.3 percent to S$15.35.
CIMB Research said 2012 ended well and it expects positive
surprises from fee income drivers, even though loan growth is
likely to moderate.
"While loans growth is likely to slow, there is strong
underlying momentum in fee income," CIMB said in a report on
local banks, choosing DBS its top pick for its strength in debt
capital markets and cheap valuations.