January 28, 2014 / 4:15 AM / 4 years ago

Singapore index snaps three-day losing streak

SINGAPORE, Jan 28 (Reuters) - Singapore shares inched up on Tuesday after three days of losses despite pressures from turmoil in emerging markets and concerns about China’s economic slowdown.

The benchmark Straits Times Index edged up 0.2 percent at 3,048.52 by 0411 GMT, while the MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed.

Top performers on the index included Jardine Strategic Holdings and Jardine Matheson Holdings Ltd, gaining 2.5 percent at S$32.79 and 1.9 percent at S$54.07 respectively.

Osim International Ltd fell for a second straight session, shrugging off its positive financial results for 2013. Its shares fell as much as 2.1 percent to S$2.34, trading at 1.5 times the average 30-day full-day volume, despite net profit surging 16.9 percent to S$101.6 million ($79.65 million) from a year earlier.

“With multiple growth engines in place and a very strong balance sheet, we believe OSIM will be better able to weather potential turbulence in its growth path,” Maybank Kim Eng said in a research note.

The brokerage maintained its “buy” rating and target price of S$2.78 on the stock.

CIMB said in a report investors were generally “overweight” on Singapore, with performance coming from stocks that have clear growth stories. The brokerage favours banks, commodities and capital goods companies, and also emphasises on non-index stock picks.

CIMB’s large-cap picks include DBS Group Holdings Ltd , First Resources Ltd, Global Logistic Properties Ltd, Keppel Corporation Ltd and Wilmar International Ltd.

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