Goldman Sachs Group and Citigroup Inc were among the banks that reported lower-than-expected quarterly profits due to lower bond trading revenue.
The benchmark Straits Times index fell for a second consecutive session, easing 0.1% to 3,137.13 by 1:23 p.m., while the MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.2% higher.
Real estate firms were among the biggest losers on the index with City Developments Ltd shares slipping as much as 1.9% to a one-week low at $9.41. Shopping mall developer CapitaMalls Asia fell as much as 2.1%, hitting a five-week low at $1.87.
Shares of transport operator SMRT Corporation advanced as much as 2.1% to a more than one-month high at $1.19 while Comfortdelgro Corporation dipped as much as 1.5% to $1.94, its lowest in a month.
Maybank Kim Eng said the Public Transport Council’s announcement on Thursday of a 3.2% increase in fares fell short of the brokerage’s expectation of 5%.
It maintained its negative view on SMRT, citing persistent cost pressures and the prospect of cannibalisation from the new Downtown Line Stage 2 in 2016. Comfortdelgro offered more insulated exposure and was seen as more favourable, Maybank said.
The brokerage rated SMRT a “sell” with a revised target price of $0.60, while rating Comfortdelgro a “buy” with a target price of $2.31.
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