Singapore shares hit one-month high in thin volume
Singapore shares hit their highest in nearly a month in thin trading, as investors held breath before the Federal Reserve's policy meeting which concludes later in the day.
The benchmark Straits Times Index rose 0.7% to a near one-month high of 3,203.06, though only 133 million shares changed hands, or less than half of its 30-day average daily turnover.
MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.3%.
Global Logistic Properties Ltd shares climbed as much as 3.2% to a six-week high of S$2.88. GLP, a logistics facilities provider with assets in China, Japan and Brazil, was headed for its biggest daily rise in more than two months, after the company announced new lease deal in Beijing.
Eight out of 16 analysts had a "buy" rating on GLP shares, four had a "strong buy" rating, Reuters data showed.
"We prefer retail, office and residential sector in this order on the bases of rental and price resilience," DBS Vickers analysts said in a research note.
"In terms of stock pick, we prefer diversified developers with strong cashflow generating capabilities such as UOL (UOL Group Limited), Global Logistic Properties, CapitaMalls Asia and Keppel Land."
In other stocks, Asiasons Capital Ltd, an investment company, jumped more than 20% to an all-time high of S$2.52, after the company said it would to acquire a 27.5% stake in US-based energy firm Black Elk in its first foray into the oil and gas industry. – Reuters, September 18, 2013.