OCBC (O39.SG) turns lower after 2Q10 results--released during lunch break--miss expectations, according to Dow Jones.

Shares off 0.2% at $9.01 vs +0.7% at $9.09 midday. “Overall, the results were mixed and (the) stock should be weak in near term,” says JPMorgan, which has Overweight call with $11.00 target, “but looking past volatilities in insurance income, a combination of strong loan growth, steady performance on credit costs and progress on Bank of Singapore should lead to outperformance of the stock in six to nine months.”

2Q10 net profit +8.0% on-year at $503 million vs $517 million tipped in Dow Jones poll on higher fee and commission income, lower provisions. Pullback not accompanied by substantial volume; support expected at last week’s $8.89 low.