Hotel Properties shares hit a more than six-year high on Wednesday after the company received a buyout offer, but gains in the broader Singapore index were muted as data from China showed slowing growth in the world’s No.2 economy.
Hotel Properties shares rose almost 5% to $3.70, its highest since Jan. 2008 and above the offer of $3.50 per share received on Tuesday from a consortium including Singapore tycoon Ong Beng Seng and Wheelock Properties (Singapore).
The shares had surged 13% in the previous session.
The benchmark Straits Times Index rose 0.2% to 3,252.91, while MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.4%.
Market sentiment was subdued with data showing China’s economy grew at its slowest pace in 18 months in the first quarter of 2014.
Among other stocks, shares of Keppel Land eased as much as 0.8% to $3.47 after the company reported a 9.2% loss in net profit for the first quarter of 2014 compared to the same period last year.
CIMB maintained its hold rating on the stock with a target price of $3.51, saying in a research note slow development sales will persist for Keppel Land in 2014 given the weak outlook for the physical market in China and Singapore.
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