Singapore shares rose slightly, led by CapitaLand Ltd
after the biggest property developer in Southeast Asia posted
strong first-quarter results.
The Straits Times index was up 0.2 percent at
3354.34, its highest since early 2008, matching the rise in the
MSCI's broadest index of Asia-Pacific shares outside Japan
CapitaLand shares - the top-traded stock by value in
Singapore on Monday - jumped as much as 3.3 percent to S$3.77,
their highest since March 7. Nearly 15 million shares were
traded, 1.2 times the average full-day volume over the past 30
Shares of Genting Singapore PLC rose for the
fourth consecutive session, jumping as much as 2.6 percent to
S$1.56. Genting was the second-most actively traded stock by
value in Singapore. More than 29 million shares changed hands,
1.5 times the average full-day volume over the past 30 days.
Genting shares had gained more than 12 percent since news
broke last week that Japan's casino lobby was in a legalisation
push -- a move that could potentially open up a huge market for
casino operators including Genting.
Aussino Group Ltd shares plunged by more than half
after the Singapore Exchange rejected its application for a S$70
million ($57 million) reverse takeover deal with a company
linked to a Myanmar tycoon who is on the U.S. sanction list.
1351 (0551 GMT)
12:15 STOCKS NEWS SINGAPORE-CapitaLand up after strong Q1
CapitaLand Ltd shares rose for the fourth session
in a row, to the highest in nearly two months, after the biggest
property developer in Southeast Asia reported a 41 percent rise
in first-quarter net profit.
CapitaLand shares jumped as much as 3.3 percent to S$3.77,
the highest since March 7. More than 13 million shares were
traded, 1.1 times the average full-day volume over the past 30
days. It was the top traded stock by value in the Singapore
market on Monday.
CapitaLand posted net profit of S$188.2 million ($152.2
million) for the three months ended March, up 41.2 percent from
a year earlier, lifted by strong home sales in Singapore and
China as well as contribution from its shopping mall arm.
CapitaLand's sharpened focus on Singapore and China is
likely to underpin its growth, Maybank Kim Eng said, adding that
the company is ramping up sales to meet homebuyers' demand and
it also has a healthy pipeline of projects.
The broker said with a net gearing of 0.44 times and S$5.4
billion in cash, CapitaLand remains well-capitalised to capture
growth opportunities. A possible sale of its stake in Australand
Property Group could also return more capital, it said.
Maybank raised its target price on the stock to S$4.33 from
S$4.30 and maintained its 'buy' rating.
1207 (0407 GMT)