DBS surges as much as 4% after clean-up

Singapore

DBS Group Holdings on Tuesday surged as much as 4 per cent following the clean-up of its oil and gas support services exposure as investors looked to higher earnings ahead.

The stock closed 3 per cent or 70 cents up to S$23.49. It had touched a high of S$23.69 in the morning, up 3.9 per cent from Monday's S$22.79 close.

Year-to-date, South-east Asia's biggest bank has gained a hefty 35 per cent, almost double that of the benchmark STI which rose 18 per cent.

DBS' smaller rivals, United Overseas Bank and OCBC Bank, also rose on Tuesday as investors focus on the lenders' robust earnings growth on the back of faster…