March 28, 2014 / 4:46 AM / in 4 years

Singapore shares rise for third day; CapitaLand at 1-mth high

SINGAPORE, March 28 (Reuters) - Singapore shares were set to rise for the third day in a row on Friday, with Southeast Asia’s largest property developer CapitaLand Ltd among the biggest gainers.

The Straits Times Index was up 0.6 percent, while MSCI’s index of Asia-Pacific shares outside Japan was 0.7 percent higher.

Shares of CapitaLand rose as much as 2.5 percent to S$2.85, the highest since Feb. 28. The Singapore firm said early on Friday it had acquired a 60 percent interest in two residential sites in Chengdu for 752 million yuan ($121.04 million).

“The acquisition is in line with CapitaLand’s strategy to further strengthen its presence in China,” it said in a statement. The stock is also looking relatively “cheap”, analysts and traders said.

Shares of commodities firm Noble Group Ltd rose as much as 2.9 percent. The Singapore-listed company had formed a joint venture with logistics business Qube Holdings to build a grain handling facility in Australia.

The stock has risen more than 20 percent since early March after news that China’s biggest grains trader COFCO Corp is in talks to buy Noble’s agribusiness arm.

$1 = 6.2130 Chinese yuan Reporting by Eveline Danubrata; Editing by Anupama Dwivedi

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