UPDATE 2-Australia's ASX profit up, shares slip on outlook

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By Denny Thomas

SYDNEY, Feb 14 (Reuters) - ASX Ltd (ASX.AX: Quote, Profile, Research, Stock Buzz), Asia-Pacific's No.2 listed stock exchange, met market expectations with a 35 percent rise in first-half profit on record trading volumes, but an uncertain outlook knocked its shares down 2.5 percent.

Shares in ASX have been sold off in recent weeks on investor concerns about a grim stock market outlook, as the global credit crisis makes access to funds more expensive.

"The cash market earnings they have got in the first-half imply they will need to achieve something similar in the second half," said Angus Gluskie, fund manager with White Funds Management, which oversees A$500 million, including ASX shares.

"Which, as the market slows, would come into question."

ASX did not give any specific outlook, but said new listings could potentially drop with any slowing of domestic growth or business confidence.

Chief Executive Officer Robert Elstone said, however, the pipeline for listing in the second half remained roboust.

The total amount raised via IPOs so far this year is just $1.8 million, according to Thomson Financial. Last year's total was $5.9 billion.