Singapore shares rose for the second day in a row after
encouraging manufacturing data from China, with the budget
carrier Tiger Airways Holdings Ltd outperforming the
The Straits Times Index was up 0.3 percent at
3,241.82 points. The Singapore bourse has gained more than 2
percent since the start of the year.
Tiger shares rose as much as 2.7 percent with 4.4 million
shares traded, 1.2 times the average full-day volume over the
past 30 days.
Several brokers said Tiger is set for a turnaround after the
airline reported a third-quarter net profit of S$2 million ($1.6
million), the first time in seven quarters it made money.
Shares of Keppel Corp Ltd, the world's largest oil
rig builder, were up around 0.7 percent ahead of its
fourth-quarter results, which are set to be announced after the
Shares of AusGroup rose as much as 3.1 percent
after the company secured more fabrication work worth around
A$20 million ($21.1 million).
"AusGroup announced another contract win yesterday, making
it the third contract win in as many weeks since the start of
January," DMG & Partners Securities said, adding that it
continues to expect a good order win momentum.
1218 (0418 GMT)
(Reporting by Eveline Danubrata in Singapore; Editing by
G.Ram Mohan; email@example.com; +65 6403
11:01 STOCKS NEWS SINGAPORE-Maybank, OCBC raise Keppel Land
Maybank Kim Eng raised its target price on Singapore
property developer Keppel Land Ltd to S$4.78 from
S$4.74 and maintained its 'buy' rating, citing "attractive"
Keppel Land shares were down 0.25 percent at S$4.05 on
Thursday. The stock is little changed since the start of the
year, lagging the gain of more than 2 percent in the Straits
Keppel Land's management expects sales volume to fall after
the latest round of property cooling measures in Singapore, but
prices are likely to hold due to the low interest rate and the
long-term prospects in the city-state, Maybank said.
Keppel Land's new Chief Executive Ang Wee Gee also suggested
that developers with strong balance sheets like Keppel Land may
even benefit if weaker companies were pressed to sell their
assets at attractive prices, Maybank said.
Earlier this month, the Singapore government imposed a
higher stamp duty on foreign buyers, a new levy on sellers of
industrial property and a limit on loan sizes.
OCBC Investment Research upgraded Keppel Land to 'buy' from
'hold' and raised its target price to S$4.53 from S$3.49, saying
the company is well positioned for the 2013 fiscal year.
Keppel Land has a strong balance sheet, significant exposure
to the Chinese property sector and the potential to realise
gains from the sale of an office building in Singapore, OCBC