Singapore shares on course for biggest daily gain in 1 week
Singapore Jan 15 (Reuters) - Singapore shares ended a four-session losing streak on Wednesday, on course for their biggest daily gain in a week, as surprising strength in U.S. consumer spending reassured investors of a recovery in the world's largest economy.
The benchmark Straits Times index rose 0.5 percent to 3,140.06 by 0445 GMT, while the MSCI's broadest index of Asia-Pacific shares outside Japan was little changed.
Subsidiaries of British conglomerate Jardine Matheson Holdings Ltd, Jardine Cycle & Carriage Ltd and Jardine Strategic Holdings Ltd, were the top performers on the index.
Shares of Jardine Cycle & Carriage jumped as much as 5.9 percent to a five-month high at S$39.79 in high trading volume of 1.3 times the average 30-day full-day volume. Jardine Strategic advanced as much as 2.4 percent to S$33.89, its highest in six weeks.
Among other stocks, Keppel Land (KepLand) saw its biggest daily gain in four months and rose to its highest in a week. Its shares advanced as much as 2.9 percent to S$3.24.
CIMB maintained its "buy" rating and target price of S$4.60 on KepLand despite a 13.3 percent drop in share prices since October following the third-quarter results.
CIMB expects KepLand to report a fourth-quarter PATMI (profit after taxes and minority interests) of about S$240 million ($189.57 million), up 89 percent from the previous quarter.
The brokerage also remained optimistic that KepLand will be able to maintain its residential sales in China, even as the company reduces exposure to the Singapore residential segment.
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