SINGAPORE – A bumper profit at banking giant DBS helped propel the local market north on a day when other bourses in the region clocked in with mixed results.

DBS, Singapore’s largest bank, posted full-year earnings of $10.06 billion on Feb 7, up a hefty 23 per cent over the previous 12 months. It also announced a one-for-10 bonus share issue and an increased dividend.

Investors responded by piling onto the lender, sending its shares up 2.5 per cent to $32.45 and making the stock the most traded by value, with 10.7 million shares worth $346.8 million changing hands.

Its heady performance also revved up the other local banks, with OCBC Bank rising 1.5 per cent to $12.97, and UOB increasing 0.4 per cent to $28.27.

Such robust numbers from index constituent stocks had the expected effect on the benchmark Straits Times Index (STI). It added 1 per cent, or 30.47 points, to 3,156.15. Gainers outnumbered losers 293 to 258 across the broader market on trade of 1.4 billion shares worth $1.2 billion.

Food-processing player Wilmar International was another big STI winner, adding 1.8 per cent to $3.34.

On the other end of the blue-chip barometer, shipbuilder Seatrium sank 4.2 per cent to 9.2 cents.

Key regional markets were mixed despite modest advances on Wall Street overnight, fuelled by stronger quarterly earnings.

Hong Kong’s Hang Seng Index shed 0.3 per cent and Japan’s Nikkei 225 inched down 0.1 per cent.

However, the Kospi in Seoul was up 1.3 per cent while Australian stocks ended a two-day losing streak by gaining 0.5 per cent.

Malaysia’s market was largely flat.

Mr Stephen Innes, managing partner of SPI Asset Management, said: “While the market debates the timing of expected (United States) rate cuts, the nearly-priced-to-perfect inflation stability until the end of 2023 is positive.

“The neutral level remains debatable, with the US yield curve’s belly clustering in the low 4 per cent range.” THE BUSINESS TIMES