STOCKS NEWS SINGAPORE-Index edges up; CapitaLand leads
Singapore shares rose slightly, led by CapitaLand Ltd after the biggest property developer in Southeast Asia posted strong first-quarter results.
The Straits Times index was up 0.2 percent at 3354.34, its highest since early 2008, matching the rise in the MSCI's broadest index of Asia-Pacific shares outside Japan .
CapitaLand shares - the top-traded stock by value in Singapore on Monday - jumped as much as 3.3 percent to S$3.77, their highest since March 7. Nearly 15 million shares were traded, 1.2 times the average full-day volume over the past 30 days.
Shares of Genting Singapore PLC rose for the fourth consecutive session, jumping as much as 2.6 percent to S$1.56. Genting was the second-most actively traded stock by value in Singapore. More than 29 million shares changed hands, 1.5 times the average full-day volume over the past 30 days.
Genting shares had gained more than 12 percent since news broke last week that Japan's casino lobby was in a legalisation push -- a move that could potentially open up a huge market for casino operators including Genting.
Aussino Group Ltd shares plunged by more than half after the Singapore Exchange rejected its application for a S$70 million ($57 million) reverse takeover deal with a company linked to a Myanmar tycoon who is on the U.S. sanction list.
1351 (0551 GMT)
12:15 STOCKS NEWS SINGAPORE-CapitaLand up after strong Q1 result
CapitaLand Ltd shares rose for the fourth session in a row, to the highest in nearly two months, after the biggest property developer in Southeast Asia reported a 41 percent rise in first-quarter net profit.
CapitaLand shares jumped as much as 3.3 percent to S$3.77, the highest since March 7. More than 13 million shares were traded, 1.1 times the average full-day volume over the past 30 days. It was the top traded stock by value in the Singapore market on Monday.
CapitaLand posted net profit of S$188.2 million ($152.2 million) for the three months ended March, up 41.2 percent from a year earlier, lifted by strong home sales in Singapore and China as well as contribution from its shopping mall arm.
CapitaLand's sharpened focus on Singapore and China is likely to underpin its growth, Maybank Kim Eng said, adding that the company is ramping up sales to meet homebuyers' demand and it also has a healthy pipeline of projects.
The broker said with a net gearing of 0.44 times and S$5.4 billion in cash, CapitaLand remains well-capitalised to capture growth opportunities. A possible sale of its stake in Australand Property Group could also return more capital, it said.
Maybank raised its target price on the stock to S$4.33 from S$4.30 and maintained its 'buy' rating.
1207 (0407 GMT)
Trending On Reuters
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video