SINGAPORE, March 17 Singapore stock market
snapped a three-day losing streak on Monday, buoyed by positive
trade data, while the broader Asian market remained nervous over
rising tensions in Ukraine.
The benchmark Straits Times Index was up 0.21
percent at 3080.25 by 0443 GMT. MSCI's broadest index of
Asia-Pacific shares outside Japan inched 0.04
Singapore's non-oil domestic exports rose 9.1 percent in
February, beating expectations, compared with a year earlier,
official data showed on Monday.
DBS Group Holdings Ltd edged up 0.32 percent to an
intra-day high of S$15.78, after opening at an eight-month low
Singapore's biggest bank by assets on Monday said it agreed
to acquire Societe Generale's Asian private bank for
$220 million. The deal with the French bank would help DBS to
boost its private banking assets by almost a third to about $60
Among other stocks, St. James Holdings Ltd
outperformed the Singapore market, soaring nearly 30 percent to
an intra-day high of S$0.077, the highest in almost nine months.
As of 0343 GMT, 49.8 million shares changed hands, more than
30 percent of the average 30-day daily trading volume.
St. James Holdings said late on Friday it entered into
agreements with Perennial Real Estate Holdings Pte Ltd and other
vendors to acquire equity interests in certain properties and
businesses for S$1.56 billion.
Brokerage CIMB downgraded its rating on Perennial China
Retail Trust to "reduce" from "hold" and cut its
target price to S$0.50 from S$0.55. The brokerage viewed the
deal negatively, advising to "reduce exposure on potential
overhang post the announcement".
"Investors will gain access to a portfolio with higher
gearing and proportion of assets under development, thus higher
risk, in our view," it said in a research note.