SINGAPORE (NewsRise) — Shares in Singapore edged higher Thursday, helped by advances in DBS Group Holdings after it said it expects lower loan loss provisions this year, even as rising odds of a March rate increase by the Federal Reserve hurt real estate stocks. Malaysian shares edged lower.
Singapore’s FTSE Straits Times index added 0.3% to end at 3,096.69. DBS Group Holdings, the nation’s largest bank, reported its lowest quarterly profit in two years with net profit falling by 9% to S$913 million as provisions for bad loans almost doubled. However, CEO Piyush Gupta said while the oil and gas sector will continue to be stretched, bad loan provisions will be lower this year as compared to 2016. The stock was up 1.7% to S$18.54.