Singapore shares eased slightly on Tuesday, but shopping mall
operator CapitaMalls Asia Ltd outperformed the market,
rising more than 4 percent.
The Straits Times Index was down 0.1 percent at
3,051.98, while MSCI's broadest index of Asia-Pacific shares
outside Japan was 0.7 percent higher.
The biggest decliners include Jardine Cycle & Carriage Ltd
and Hutchison Port Holdings Trust, which
dropped more than 2 percent and 1 percent, respectively.
"With the FSSTI trading close to 3,000 again, we see more
value at these levels while we were generally cautious closer to
3,400," said CIMB Research in a report.
CIMB said while fragile growth in emerging markets and
rising interest rates were hammering the global equity markets,
Singapore's market valuations were undemanding and the
companies' balance sheets had little gearing.
The bulk of the local consumers are also not overstretched
and the banks have large capital buffers, CIMB said. It has an
'overweight' rating on the consumer, capital goods and property
CapitaMalls shares rose as much as 4.5 percent to S$1.865
with nearly 12 million shares traded, 1.7 times the average
full-day volume over the past 30 days.
The company, which has 83 operational malls in Singapore,
China, Malaysia, Japan and India, said in a recent presentation
that it plans to open seven new malls by 2014. It also aims to
open 13 malls in 2015 and beyond.