STOCKS NEWS SINGAPORE-Index falls dragged by CapitaLand

Thu Feb 21, 2013 2:03am EST

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Singapore shares fell on Thursday, weighed by property developer CapitaLand Ltd.

The Straits Times Index was down 0.5 percent at 3,291.51 points, while MSCI's broadest index of Asia-Pacific shares outside Japan slid 1.7 percent.

Shares of CapitaLand Ltd dropped as much as 3 percent after the biggest property developer in Southeast Asia posted a 45 percent drop in fourth-quarter net profit and the Chinese government pledged to calm frothy real estate markets.

However, shares of GSH Corp Ltd surged as much as 19 percent after it said on Wednesday that a member of the Lippo Group and a private equity fund managed by SkyVen Asset Management had subscribed to 395 million shares in the Singapore company at S$0.095 each.

1453 (0653 GMT)

(Reporting by Teo Jion Chun; Editing by G.Ram Mohan) (teo.jionchun@thomsonreuters.com)(+6564035659)(Reuters Messaging: teo.jionchun.thomsonreuters.com@reuters.net))

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09:58 STOCKS NEWS SINGAPORE-CapitaLand falls after earnings, China measures

Shares of CapitaLand Ltd fell after the biggest property developer in Southeast Asia posted a 45 percent drop in fourth-quarter net profit and the Chinese government pledged to calm frothy real estate markets.

CapitaLand shares were down 2 percent at S$3.93, weighing on the broader Straits Times Index which was 0.3 percent lower.

Net profit of S$262.7 million ($212.4 million) for the three months ended in December was down from S$476.6 million a year earlier, dragged by lower fair-value gains of properties, CapitaLand said on Thursday.

China's cabinet on Wednesday restated its intention to extend a pilot property tax programme to more cities and urged local authorities again to put price control targets on new homes.

CapitaLand has significant exposure to the property market in the world's second-largest economy.

0951 (0151 GMT)

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