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STOCKS NEWS SINGAPORE-Index flat; CapitaLand jumps to 1-wk high
March 22, 2013 / 4:56 AM / 5 years ago

STOCKS NEWS SINGAPORE-Index flat; CapitaLand jumps to 1-wk high

Singapore shares were little changed, as investors were concerned about a possible debt default by Cyprus and deteriorating economic activity in the euro zone.

Both the Straits Times Index and the MSCI index of Asia-Pacific shares outside Japan were flat.

Property developer CapitaLand Ltd outperformed the market and is the most actively traded stock by value on Friday. Shares jumped as much as 2 percent to a one-week high of S$3.57.

“Based on buyers’ response to the new launches in March so far, it appears the latest measures have yet to dampen buyers’ interest in the pre-sale market,” Nomura said in a report.

However, Nomura warned investors that it is not a time to be complacent.

“There is scope for more policy changes, given the pre-sale market is still relatively robust,” Nomura said. “We expect secondary transaction volume to remain relatively low.”

Its top pick among the developers is CapitaMalls Asia Ltd , while it remain cautious on City Developments Ltd .

1245 (0445 GMT)

Reporting by Teo Jion Chun; Editing by Sunil Nairteo.jionchun@thomsonreuters.com+6564035659Reuters Messaging: teo.jionchun.thomsonreuters.com@reuters.net

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