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RPT-Singapore shares muted on Fed tapering expectations
January 22, 2014 / 6:42 AM / 4 years ago

RPT-Singapore shares muted on Fed tapering expectations

SINGAPORE, Jan 22 (Reuters) - Singapore shares were little changed on Wednesday as expectations of more reductions in the U.S. Federal Reserve’s stimulus kept Asian stock markets subdued.

The benchmark Straits Times Index was nearly flat at 3,134.25 at 0436 GMT in thin trading volume, while the MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1 percent.

The top performer on the Singapore index was Global Logistic Properties Ltd, climbing as much as 1 percent to S$2.93. The warehouse operator was the second top-traded stock by value, with shares trading at 1.3 times its average 30-day full-day volume.

Units of Mapletree Logistics Trust jumped as much as 1.4 percent to a more than one-week highof S$1.05 after the real estate investment trust (REIT) said its third-quarter gross revenue and distribution per unit (DPU) rose by 0.9 and 7 percent year-on-year.

Maybank Kim Eng maintained its “sell” rating on the stock with a target price of S$0.98 as a weakening yen caused Mapletree’s Japanese portfolio to continue to languish. The brokerage also cut its DPU forecasts in anticipation of lower growth prospects and higher borrowing costs.

Singapore Exchange Ltd announced it will bring in circuit breakers for its securities market on Feb. 24, as it responds to criticism following a penny stock crash in October.

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