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DBS shares up 3.3 pct, investors focus on bank rally

Sun Apr 12, 2009 9:14pm EDT

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SINGAPORE, April 13 (Reuters) - Shares of DBS Group (DBSM.SI), Southeast Asia's biggest bank, were up more than 3 percent on Monday as investors focused on a rally in banks, which offset news about the death of the bank's chief executive Richard Stanley.

At 0106 GMT, DBS shares were up 3.3 percent at S$9.2.

"The market is caught up by this rally in banks," said David Lum, an analyst at Daiwa Institute of Research. "The CEO's death is sad, but investors had known he was sick for some time."

The Singapore bank said it will continue to be run by Chairman Koh Boon Hwee while the board develops a succession plan. (Reporting by Saeed Azhar; Editing by Muralikumar Anantharaman)



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