Bloomberg News

Singapore Stocks: CapitaMalls, Hongkong Land, Midas, Neptune

March 02, 2012

Singapore’s Straits Times Index (FSSTI) advanced 0.5 percent to 2,993.49 at the close, gaining 0.5 percent this week. Five shares rose for each that fell in the 30-member gauge.

The following were among the most active shares in the market. Stock symbols are in parentheses after company names.

CapitaMalls Asia Ltd. (CMA) , a shopping-center operator that gets about 85 percent of its sales from China and Singapore, added 1 percent to S$1.525. The company said it plans to open seven malls in China and two in Singapore this year.

Hongkong Land Holdings Ltd. (HK) (HKL SP), one of the biggest office landlords in the Chinese territory, increased 1.5 percent to $5.60. Citigroup Inc. maintained its “buy” rating on the stock, saying office rents in Hong Kong will continue to rise this year. An office building in Singapore slated for completion this year will also start contributing to earnings, the company said in a note to clients.

Midas Holdings Ltd. (MIDAS) , a supplier of aluminum alloy profiles used in train carriages, jumped 7.9 percent to 41 Singapore cents, The company said it won a 526.9 million yuan ($84 million) contract to supply a metro line project in Suzhou, China.

Neptune Orient Lines Ltd. (NOL) (NOL SP), Southeast Asia’s biggest container carrier, climbed 5 percent to S$1.465. Rates for shipping cargo between Asia and Europe jumped 114 percent this week, according to estimates by Drewry Shipping Consulants Ltd.

To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net


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