SINGAPORE, April 20 (Reuters) - The benchmark Straits Times
Index .FTSTI fell 0.78 percent as of 0318 GMT on Monday.
The following stocks were on the move:
** ASCENDAS REIT FALLS ON PROFIT-TAKING **
Shares of Ascendas REIT (AEMN.SI) fell as much as 6.1
percent as investors took profits after its share price rose
about 45 percent since a low on March 10.
DBS downgraded Ascendas to "hold" from "buy" with a target
price of S$1.56 in a report on Monday, given limited upside to
its target price and as it said it is trading at a premium to
its peers at 0.9 times book value.
But Credit Suisse and Deutsche Bank on Monday maintained
their respective "outperform" and "buy" ratings, saying it was
well positioned to weather the downturn. Ascendas REIT reported
a distribution per unit of 15.2 cents for 2009.
"The overall trend is still up but this is just temporary
profit taking," said a local dealer.
0318 GMT
(Reporting by Laurence Tan; Editing by Neil Chatterjee)
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