Singapore Jan 20 Singapore shares edged lower
in light trading volume, echoing the muted mood of the regional
market as investors remained cautious about China's economic
The benchmark Straits Times Index inched down 0.4
percent to 3,135.97 point by 0439 GMT. Trading volume was just
above 20 percent of its 90-day daily average turnover.
MSCI's broadest index of Asia-Pacific shares outside Japan
was 0.2 percent lower, after data showed the
Chinese economy grew slightly faster than expected in 2013 but
economists expect the pace to slow down this year.
Ascendas Real Estate Investment Trust, which
reported a 2.2 percent fall in DPU (distribution per unit)
despite a 6.5 percent rise in net income in the third quarter of
financial year 2014, rose as much as 0.9 percent to S$2.17
before paring some gains to drop to S$2.16.
Challenges facing Singapore's industrial property market are
weighing down on REITs, analysts said.
"We see industrial REITs facing major downside risks from
the impending hike in interest rates and possible recalibration
of over-inflated property prices - both of which can drag NAV
(net asset value) down," said Maybank Kim Eng in a research
Maybank is also concerned about the impact of a fragile
global economic outlook and ample supply in the pipeline.
In other stocks, conglomerate Jardine Strategic Holdings Ltd
fell 0.3 percent to S$34.1, after it announced a plan
to acquire a 20 percent stake in Hong Kong-listed Zhongsheng
Group Holdings, a Chinese motor dealership group, for