GLP down 1.8%; JPY concerns may weigh: Morgan Stanley

Global Logistic Properties (MC0.SG) is down 1.8% at $2.71 despite reporting fiscal 3Q13 net profit rose 30.7% on-year to US$112.8 million.

"Nothing in the underlying earnings was negative," says Sean Gardiner, an analyst at Morgan Stanley, noting the conference call was positive. While underlying earnings were in line with expectations, the headline was affected by FX losses, he notes.

"For what they can control, it sounds like life is good. But they can't control the yen," he says. "The stock will remain sensitive to the yen. That will be something to watch out for in the medium-term."

Orderbook quotes suggest the $2.70 intraday low may offer support.