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.