Singapore Stocks: CapitaLand, Global Logistic, Lippo Indonesia
Singapore’s Straits Times Index lost 0.1 percent to 2,692.41 as of 1:15 p.m. local time, erasing gains of as much as 0.6 percent. About the same number of stocks rose and fell in the index of 30 companies.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company names.
China developers: Shanghai home prices may fall between 20 percent and 30 percent next year compared with the highest level seen in 2009, Shanghai Securities News reported, citing China Real Estate Information Corp’s head of Shanghai unit Yu Dandan.
CapitaLand Ltd. (CAPL) , a developer that gets about 21 percent of sales from China, dropped 1.2 percent to S$2.50. Yanlord Land Group Ltd. (YLLG) , a China-based homebuilder, slipped 0.9 percent to S$1.065. Guocoland Ltd. (GUOL) , the real-estate company that counts China as its biggest market, slipped 1.9 percent to S$1.57.
Global Logistic Properties Ltd. (GLP) , the owner of warehouses in Japan and China, added 1.1 percent to S$1.81 after CIMB Group Holdings Bhd initiated coverage of the stock with an “outperform” rating and a share-price forecast of S$2.24, saying the company is benefiting from rising rents.
Lippo Malls Indonesia Retail Trust (LMRT) , the owner of shopping malls in Southeast Asia’s biggest economy, rose 1.4 percent to 37 Singapore cents. The company said it raised net proceeds of S$332 million from a rights offering, which was oversubscribed.
Sheng Siong Group Ltd. (SSG SP), a grocery-chain operator, gained 1.2 percent to 41 Singapore cents. The company plans to own at least 50 retail outlets in Malaysia, Reuters reported, citing Chief Executive Officer Lim Hock Chee. Sheng Siong is in discussions to form a joint venture with a listed company in Malaysia, according to the report.
Tiong Seng Holdings Ltd. (TSNG) , a construction company, rose 2.8 percent to 18.5 Singapore cents after winning a contract, valued at S$189.5 million, for the construction a residential condominium.
To contact the reporter on this story: Jonathan Burgos in Singapore at firstname.lastname@example.org
To contact the editor responsible for this story: Nick Gentle at email@example.com