SINGAPORE, March 19 Singapore shares eased on
Wednesday, weighed down by poor performance of property stocks
and tracking weakness in stock markets around the region before
an all-important policy statement from the U.S. Federal Reserve.
The benchmark Straits Times index was down 0.6
percent at 3,075.246 as of 0525 GMT, while MSCI's broadest index
of Asia-Pacific shares outside Japan inched down
Shares of CapitaLand Ltd dropped as much as 1.5
percent to S$2.7, their lowest in nearly 21 months, after the
company said it had sold its remaining stake in Australia's
Australand Property Group.
Hongkong Land Holdings Ltd led the loss with a 2.2
percent fall, its sharpest daily loss in more than six weeks.
Global Logistic Properties Ltd dropped nearly 1.9
percent to an intra-day low of S$2.62 in its third straight
session of falls, its lowest in more than six months, on
concerns about potential negative earnings impact from the
weaker Chinese Yuan.
"Coupled with the potential earnings dilution from the
proposed China deal, we believe this [weaker yuan] has
contributed to the stock's underperformance since mid-February,"
Nomura said in a research note.
Nomura maintained its "neutral" rating and target price of
S$2.84 on Global Logistic, but said the cautious consensus
outlook for the yuan could trim GLP's earnings forecast.
Among small caps, shares of Albedo Ltd fell as
much as 53.8 percent to their seven-month low of S$0.024 in
heavy trading, after a Malaysian daily reported that talks
between Albedo and Malaysian businessman Danny Tan, who had
planned to take over the company for S$774 million, broke down.
Albedo requested a halt on trading of its shares earlier in
(Reporting by Brian Leonal; Editing by Subhranshu Sahu)