For Second Day, Singapore Stocks Remain Lower

[B]Singapore[/B][B] stocks suffered on the day following worse than expected earnings from the region?s second largest lender. Falling the most in almost three years, United Overseas Bank Ltd. stock tumbled 3.1 percent to S$22.20 as first quarter profit was less than consensus estimates. Increasing by 18 percent to S$518 million, the report was mostly attributed to income from fees and commissions and loans made to customers throughout the three month period. However, with consensus estimates expecting S$536 million for the first quarter, the stock tumbled on a miss by company officials. Subsequently, other sector stocks tumbled, notably DBS Group Holdings. Slipping for the first time in five days, profit taking and overextended sentiment helped in closing company shares down 0.4 percent at S$23.40. As a result, the Straits Times Index fell 38.38 points to 3,439.21 in the overnight session.[/B]