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 days.
“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 Wednesday.
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 remained unchanged.
“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.
Reporting by Teo Jion Chun; Editing by Anupama Dwivedi (email@example.com)(+6564035659)(Reuters Messaging: firstname.lastname@example.org)