Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Index lower, Geo Energy surges in debut

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STOCKS NEWS SINGAPORE-Index lower, Geo Energy surges in debut Oct 19th 2012, 05:00 Fri Oct 19, 2012 1:00am EDT Singapore shares were lower, with banks and rig builders among the biggest decliners, but Indonesian coal miner Geo Energy Resources Ltd surged in its trading debut. The Straits Times Index was down 0.3 percent at 3,051.11 points. MSCI index of Asia-Pacific shares outside Japan was also 0.3 percent lower. Nomura downgraded Singapore banks to 'neutral' from 'bullish', saying the lenders are likely to see slower earnings per share growth going into the 2013 fiscal year, with emerging macro headwinds and continuing net interest margin pressure. Shares of Oversea-Chinese Banking Corp fell 1 percent, United Overseas Bank Ltd lost 0.6 percent, while DBS Group Holdings Ltd gave up 0.4 percent. Shares of Keppel Corp Ltd, the world's largest oil rig builder, declined as much as 1.3 percent after reporting a 15 percent fall in third-quarter net profit mainly due to lower margin projects. DBS Vickers cut its target price on Keppel to S$12.65 from S$13.20 after reducing its offshore and marine earnings estimate for 2013 fiscal year. But DBS maintained its 'buy' rating. Shares of Keppel's rival Sembcorp Marine Ltd fell 1 percent to S$4.89. Geo Energy shares surged as much as 51 percent above its initial public offering price on volume of nearly 236 million. It was the top traded stock by both value and volume in the Singapore market. 1251 (0451 GMT) (Reporting by Eveline Danubrata in Singapore; Editing by Anand Basu; eveline.danubrata@thomsonreuters.com) ************************************************************ 12:18 STOCKS NEWS SINGAPORE-Nomura downgrades banks to 'neutral' Nomura downgraded Singapore banks to 'neutral' from 'bullish', saying the lenders are likely to see slower earnings per share growth going into the 2013 fiscal year, with emerging macro headwinds and continuing net interest margin pressure. "While valuations are not excessive, the sector is likely to perform at best in line with the market," Nomura said. It expects Singapore's benchmark Straits Times Index to consolidate below the 3,000 level due to weaker earnings and economic outlook. Nomura dropped United Overseas Bank from its list of top picks. It said it preferred DBS Group Holdings due to the bank's undemanding valuation and dividend yield. On Friday, DBS shares were down 0.4 percent at S$14.16, UOB gave up 0.7 percent at S$18.60, while Oversea-Chinese Banking Corp lost 0.9 percent at S$9.29. The STI was 0.3 percent lower at 3,051.62 points. 1210 (0410 GMT) (Reporting by Eveline Danubrata in Singapore; Editing by Anupama Dwivedi; eveline.danubrata@thomsonreuters.com) Link this Share this Digg this Email Reprints

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