STOCKS NEWS SINGAPORE-Index up; DBS rises on record profit

Source : REUTERS
Last Updated: Thu, May 02, 2013 18:46 hrs

SINGAPORE, May 2 (Reuters) - Singapore shares touched a five-year high on Thursday, with DBS Group Holdings rising over 4 percent, its biggest daily gain in more than three years after posting a record profit for the first quarter.

The Straits Times Index gained 0.9 percent to 3,401.00, while the MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 percent.

Shares of DBS, Singapore's biggest lender, jumped nearly 5 percent to S$17.59, the highest since May 2008. It was trading at S$17.51 at 0435 GMT, on course for its biggest daily climb since April 2010.

DBS reported a record quarterly profit of S$950 million ($770.32 million), up 2 percent from a year earlier, boosted by annuity businesses and stronger capital market activities.

"DBS remains an Outperform and our high-conviction top pick in Singapore banking," said CIMB Research.

Shares of Genting Singapore Plc rose 4.23 percent to S$1.64, matching a peak in February, after casino operator Las Vegas Sands Corp posted better-than-expected first-quarter earnings on good results in Macau and Singapore.

Genting Singapore is due to report its quarterly earnings after market close.

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