Money managers smell a bargain as debt panic hits Singapore banks
Singapore
THE recent drubbing in Singapore bank stocks is turning South-east Asia's biggest lenders into bargains for money managers including Aberdeen Asset Management Plc.
DBS Group Holdings Ltd lost S$3.6 billion in market value in seven days from July 28 when its client Swiber Holdings Ltd signalled that it was in financial trouble. DBS's two smaller domestic rivals slid at least 5 per cent. With bank stocks priced near their cheapest since the depths of the global financial crisis, Nader Naeimi of AMP Capital Investors Ltd says it's time to buy, while Aberdeen's Hugh Young says they'll prove resilient to any debt exposure.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Shell earns US$1 billion a year from US crude trading, court filing shows
Sembcorp announces long-term power purchase agreements with Equinix
Hot stock: Singtel down about 3.3% after announcing S$3.1 billion impairment hit
Dubai begins construction of ‘world’s largest’ airport terminal
Hot stock: Seatrium up 5.6% on S$100 million share buyback programme
Gold eases as steady US dollar dampens appeal