Global Logistic Properties outperforms flat Singapore market
SINGAPORE Feb 18 (Reuters) - Global Logistic Properties Ltd (GLP) outperformed a flat Singapore market on Tuesday, while Asian markets slipped after China drained funds for the first time in eight months.
The stock rose as much as 2.1 percent to its near four-week high of S$2.89, making it the top traded by value. GLP had reported a 49.7 percent year-on-year rise in third-quarter profit at $186.1 million on Friday.
Shares of GLP were also headed for their biggest daily gain in more than two months.
Brokerage Citi Research said GLP's "China operations continued to record strong leasing performance", adding to its consistently stable performance in Japan, and high lease ratio and stable rent rate in Brazil.
Citi maintained a "buy" rating and target price of S$3.54 on the stock.
The benchmark Straits Times Index was almost unchanged at 3,069.93 by 0456 GMT, while MSCI's index of Asia-Pacific shares outside Japan was lower 0.1 percent. The Singapore index was trading at 29 percent of its average full-day 30-day trading volume.
CapitaMall Trust gained as much as 1.4 percent to a one-week high of S$1.84, making it the second-best performer on the index.
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