May 28, 2012 / 4:51 AM / 7 years ago

STOCKS NEWS SINGAPORE-Index rises, GLP up nearly 5 pct

Singapore shares were slightly higher by midday, with Global Logistic Properties Ltd (GLP), which has logistics facilities in China and Japan, among the biggest gainers.

The Straits Times Index was up 0.3 percent at 2,781.52 points, while MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.6 percent.

DBS Vickers maintained its view on the downside for the Straits Times Index towards 2,700 points, while a potential technical rebound would likely test 2,820.

GLP rose as much as 5 percent on volume of 8 million shares, nearly matching the average full-day volume traded over the past 30 days.

GLP has advanced about 7 percent since the company reported that fourth-quarter net profit tripled from a year earlier, boosted by fair value gains on properties in China and Japan.

Sin Heng Heavy Machinery Ltd, the top traded stock by volume, fell as much as 17 percent after Toyota Tsusho Corp acquired a 27 percent stake in the heavy lifting services company at a discount to the last traded price.

By midday, Sin Heng Heavy Machinery was down 13 percent at S$0.23 in volume of 45.9 million shares, nearly double the average full-day volume over the past 30 days.

Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com

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