SINGAPORE May 16 Singapore shares edged down on
Friday, though the index was slightly higher on the week, as
investors took profits and refrained from taking further
positions ahead of the weekend.
The benchmark Straits Time Index was down 0.3
percent at 3,258.12, though it was still 0.3 percent higher on
the week. MSCI's broadest index of Asia-Pacific shares outside
Japan eased 0.04 percent.
The Singapore index was weighed down by heavy losses in
shares of real estate developer City Development Ltd,
which stretched declines into a second day to hit a 3-1/2 week
low after posting a 13 percent fall in quarterly profit on
CityDev shares were down 3 percent, on course for their
biggest daily loss in almost a year.
Bucking the trend, commodities trader Noble Group Ltd
surged as much as 4.5 percent to an intra-day high of
S$1.28. The company said on Thursday quarterly net profit had
more than tripled, with a strong performance in the metals and
energy segments more than offsetting the loss in its agriculture
Brokerage OCBC maintained its "hold" rating on the stock,
though it upgraded the target price to S$1.31 from S$1.26.
Stats Chippac Ltd, which packages semiconductors,
saw its shares leap 18 percent to S$0.46, after a 15 percent
jump on Thursday.
The company received a takeover bid from a third party,
Stats Chippac said on Friday in response to queries from the
Singapore exchange, though it added that there was no assurance
it would result in any definitive agreement or a transaction.
(Reporting by Andrew Toh; Editing by Prateek Chatterjee)