Singapore Jan 17 Singapore shares struggled on
Friday, on track for a weekly decline after downbeat bank
earnings in the U.S. caused Wall Street to decline and weighed
on Asian shares.
Goldman Sachs Group and Citigroup Inc were
among the banks that reported lower-than-expected quarterly
profits due to lower bond trading revenue.
The benchmark Straits Times index fell for a second
consecutive session, easing 0.1 percent to 3,137.13 by 0523 GMT,
while the MSCI's broadest index of Asia-Pacific shares outside
Japan was 0.2 percent higher.
Real estate firms were among the biggest losers on the index
with City Developments Ltd shares slipping as much as
1.9 percent to a one-week low at S$9.41. Shopping mall developer
CapitaMalls Asia Ltd fell as much as 2.1 percent,
hitting a five-week low at S$1.87.
Shares of transport operator SMRT Corporation Ltd
advanced as much as 2.1 percent to a more than one-month high at
S$1.19 while Comfortdelgro Corporation Ltd dipped as
much as 1.5 percent to S$1.94, its lowest in a month.
Maybank Kim Eng said the Public Transport Council's
announcement on Thursday of a 3.2 percent increase in fares fell
short of the brokerage's expectation of 5 percent.
It maintained its negative view on SMRT, citing persistent
cost pressures and the prospect of cannibalisation from the new
Downtown Line Stage 2 in 2016. Comfortdelgro offered more
insulated exposure and was seen as more favourable, Maybank
The brokerage rated SMRT a "sell" with a revised target
price of S$0.60, while rating Comfortdelgro a "buy" with a
target price of S$2.31.