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STOCKS NEWS SINGAPORE-Index rises to 5-year high; CapitaLand jumps ahead of results
April 26, 2013 / 4:50 AM / 5 years ago

STOCKS NEWS SINGAPORE-Index rises to 5-year high; CapitaLand jumps ahead of results

Singapore shares touched to a five-year high, with Southeast Asia’s largest property developer CapitaLand Ltd extending gains ahead of its results on Friday.

The Straits Times Index was up 0.2 percent at 3342.74, the highest since January 2008, while the MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.2 percent higher.

CapitaLand shares rose in the consecutive two sessions, jumping as much as 2.5 percent to S$3.67, a peak since March 8.

“CapitaLand’s results are expected to be upbeat, contributed partly by the rise in Ascott REIT’s distribution per unit.” said a trader.

Shares of Genting Singapore rose as much as 2.7 percent to a one-month high of S$1.52.

Genting Singapore is one of the most actively traded stock by value in the Singapore market on Friday. Nearly 21 million shares changed hands, 1.2 times the average full-day volume over the past 30 days.

Singapore Telecommunications Ltd shares dropped as much as 1.6 percent to S$3.72, after the Media Development Authority’s decision to make Singtel share Barclays Premier League content with StarHub Ltd on Wednesday.

DBS Vickers expects the negative impact of this ruling to be small compared to the size of SingTel’s earnings. 1237 (0437 GMT)

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