Water treatment firm Hyflux (HYFL.SI: Quote, Profile, Research, Stock Buzz) rose as much as 5 percent after Hyflux Water Trust Management (HYWT.SI: Quote, Profile, Research, Stock Buzz) (HWT) posted better-than-expected results for the second quarter due to lower expenses.
Hyflux surged to a high of S$2.54 with over one million shares changing hands.
Shares of HWT, which owns water treatment plants and is about 32 percent held by Hyflux, jumped 3.9 percent to S$0.66.
HWT posted a net profit of S$2.2 million in the April-June period, and will distribute 1.30 Singapore cents a unit [ID:nSN8561092]
"HWT continues to excel as far as cost management is concerned and even bettered its first quarter's operating margins," said DBS analyst Suvro Sarkar in a research note.
0634 GMT - Straits Times Index .FTSTI was up 1.17 percent.
DBS RECOVERS AFTER ANALYSTS CALM CDO FEARS
Shares of DBS Group Holdings (DBSM.SI: Quote, Profile, Research, Stock Buzz), Southeast Asia's largest bank, climbed as much as 1.2 percent to recoup some of Tuesday's 3 percent drop after analysts calmed investor worries about potential losses on risky debt.
DBS rose to a high of S$19.04 with more than 7.7 million shares changing hands. But the stock had erased most of the gains by 0608 GMT and was trading up 0.2 percent at S$18.86.
Concerns over possible writedowns on DBS's risky loans arose after the Bank of East Asia (0023.HK: Quote, Profile, Research, Stock Buzz) reported worse-than-expected first-half results due to mark-to-market losses of $167.8 million against its collateralized debt obligations. [ID:nHKG294223]
"It is likely that the provisioning required on DBS's CDO portfolio is probably nowhere near that done for Bank of East Asia even if they were to take mark-to-market losses onto the profit and loss statements," said Goldman Sachs analysts Kelvin Teo and Roy Ramos in a research note.
DBS declined to comment.
0554 GMT - Straits Times Index .FTSTI was up 1.28 percent.
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