Singapore’s benchmark Straits Times Index (.FTSTI) fell 1.41% to 2,860.31 points on Wednesday. Singapore banks such as DBS Group (DBSM.SI) and other blue chips are expected to fall on Thursday as fears that the fallout from the Greek debt crisis could spread to bigger European economies hit global shares. On the New York Stock Exchange, four stocks fell for every one that rose while the euro hit a 14-month low.

Oversea-Chinese Banking Corp., the lender that owns Singapore’s biggest life insurer, posted a surprise increase in first-quarter profit as fee and trading income climbed and bad-loan costs fell. Net income climbed 24% to $676 million from $545 million a year earlier. Earnings beat the $514.9 million average estimate of seven analysts surveyed by Bloomberg.

Water recycler Hyflux posted a 25% rise in profit attributable to shareholders for the first three months ended 31 March 2010 (1QFY2010). The net profit of $6.4 million was achieved against a 15% rise in group revenue of $101.3 million.

Synear Food Holdings, the producer of quick freeze food, says it posted a a net profit growth of 3.7% to RMB50 million ($10.1 million) for the three months ended March 31, 2010 (1Q2010). This was achieved on the back of a 2.4% increase in revenue to RMB531.1 million in 1Q2010.

Singapore Exchange (SGX) today said securities and commodities trading remained strong in April 2010. In the Securities Market, total securities trading value rose 34% year-on-year to $35.3 billion, as investor interest and confidence remained buoyant. Exchange traded funds trading increased 65% from a year earlier to $486 million while six mainboard IPOs raised a total of $839 million in April as market sentiment improved.

OKP Holdings, infrastructure and civil engineering firm, says the Land Transport Authority awarded to OKP’s wholly-owned subsidiary, Eng Lam Contractors Co (Pte) Ltd, two contracts for ad hoc repairs, maintenance and upgrading of roads, road-related facilities and road structures in the Central and North-West Sectors.

Hongkong Land said in an interim management statement that commercial property rents in Hong Kong and Singapore stabilised in the first four months of 2010. Phase one of Singapore’s Marina Bay Financial Centre, in which Hongkong Land has a 33% stake, is fully leased ahead of completion later this year, it added. Keppel Land (KLAN.SI) and Hong Kong’s Cheung Kong (0001.HK) are the other shareholders in the Marina Bay Financial Centre project.

Creative Technology, a maker of computer accessories, said its net loss narrowed to US$20.8 million ($28.9 million) in the quarter ended March 31 from US$47.6 million a year ago.

Deloitte & Touche, the independent auditor for Chinese tile maker ASA Group, has flagged that the firm’s current liabilities exceeded current assets by 149.8 million yuan ($30.5 million), indicating “material uncertainty” about the firm’s ability to continue as a going concern.