Singapore shares rose for the second day in a row, led by property and shopping mall stocks after a few brokers issued positive reports on the companies.
The Straits Times Index was up 0.5%, while MSCI’s broadest index of Asia-Pacific shares outside Japan was 1.1% higher.
Shares of shopping mall owners CapitaMall Trust and CapitaMalls Asia rose as much as 3.1% and 2.6%, respectively.
Maybank Kim Eng said shopper traffic at CapitaMall Trust’s malls in Singapore’s western area of Jurong remains “healthy” despite the recent opening of a potential competitor, Lend Lease’s Jem mall. The broker maintained its “buy” rating and $2.45 target price on the stock.
Citigroup said it continues to prefer developers to real estate investment trusts. It favours developers with a more diversified sector or geographical exposure, picking CapitaLand, CapitaMalls Asia and Hongkong Land Holdings.
Shares of CapitaLand and Hongkong Land rose about 2% each.
No comments:
Post a Comment