Singapore shares fell slightly, but Global Logistic
Properties Ltd (GLP), which owns warehouses in China
and Japan, jumped to the highest in six weeks after Japanese
stocks soared on Monday.
The Straits Times Index was down 0.2 percent at
3,294.09, while MSCI's broadest index of Asia-Pacific shares
outside Japan slid 0.2 percent.
Shares of GLP rose as much as 3.4 percent to S$2.74, the
highest since February 25. It is the most actively traded stock
by value in the Singapore market, with 66 million shares changed
hands, 1.6 times the average full-day volume over the past 30
"Japanese stocks are outperforming, boosting investors'
confidence in Global Logistics Properties that has businesses in
China and Japan," a trader said.
BreadTalk Group Ltd extended its losses in a third
straight session after reaching a record high of S$1.20 last
BreadTalk shares fell as much as 7.35 percent to S$0.945,
with 1.5 million shares traded, matching the average full-day
volume over the past 30 days.
OCBC Investment Research downgraded BreadTalk to 'sell',
saying the share price has run ahead of fundamentals which have
"Despite impressive yearly double-digit revenue growth,
BreadTalk has yet to translate the success to its operating
margins," OCBC said, keeping its fair value at S$0.77.
1210 (0410 GMT)
Reporting by Teo Jion Chun; Editing by Anupama Dwivedi