STOCKS NEWS SINGAPORE-Index edges up, CapitaMalls Asia leads

Fri Feb 1, 2013 11:16am IST

Stocks

   

Singapore shares rose slightly, led by CapitaMalls Asia Ltd as the shopping malls owner and developer has significant exposure to the retail growth in China, the world's second-biggest economy.

The Straits Times Index was up 0.1 percent at 3,285.49, while MSCI's broadest index of Asia-Pacific shares outside Japan was little changed.

CapitaMalls shares jumped as much as 4.2 percent to S$2.25, the highest since Oct. 2010. Nearly 8.3 million shares were traded, 1.2 times the average full-day volume over the past 30 days.

"CapitaMalls Asia is poised to harvest multi-year gains from sustained investment in the China consumer growth story, while earnings will be anchored by recurring income in Singapore," Citigroup said in a report.

Citi, which has a 'buy' rating on the stock, raised its target price to S$2.58 from S$2.08.

Shares of Osim International Ltd jumped after the massage chair maker reported a 32.5 percent rise in fourth-quarter net profit to S$22.6 million from a year earlier, boosted by higher sales and productivity.

Osim shares gained as much as 3.1 percent with 7.1 million shares traded, 5.9 times the average full-day volume over the past 30 days.

1319 (0519 GMT)