STI edges up; Singapore Press gains on REIT plan

PHOTO: STI edges up; Singapore Press gains on REIT plan

Singapore shares inched higher, with Singapore Press Holdings Ltd among the biggest gainers after it unveiled plans to establish and list a real estate investment trust (REIT).

The Straits Times Index gained 0.2 per cent to 3,403.63, and the MSCI's broadest index of Asia-Pacific shares outside Japan inched down 0.2 per cent.

Shares of media and property group Singapore Press Holdings (SPH) gained as much as 3.9 per cent to a seven-week high of S$4.56. It was the most traded stock by value on Tuesday.

The company aims to make S$1.048 billion by selling part of a REIT whose assets are two shopping malls.

Among other gainers, Sembcorp Marine Ltd rose as much as 1.6 per cent to $4.48, after the world's second largest builder of offshore oil rigs announced a US$596 (S$753.43) million contract win of an ultra-high specification jackup rig.

"With this latest win, Sembcorp Marine has secured orders about US$2.4 billion year to date, accounting for around 60 per cent of our full year estimate," said OCBC Investment Research.

The brokerage kept a "buy" rating and fair value estimate of S$5.64 on the stock.