Hongkong Land outperforms Singapore index, hits 8-month high
SINGAPORE, April 14 (Reuters) - Hongkong Land Holdings Ltd's shares extended gains for a fourth straight session on Monday, rising to their highest in eight months, while the Singapore index also edged up.
Shares of the property developer surged as much as 3.5 percent to an intra-day high of $7.02, its highest since Aug. 6.
The benchmark Straits Times Index rose 0.4 percent to 3,211, while MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.4 percent.
Singapore Press Holdings Ltd was the worst performer on the index. Shares of the company fell to a three-week low after data released on Friday showed operating revenue fell from the previous quarter.
SPH reported second-quarter operating revenue at S$278.8 million ($223.39 million), compared to S$282.2 million in the prior quarter, with analysts citing lower circulation and advertising contributions and rising staff costs as key reasons for the drop. Shares of SPH fell 2 percent at S$4.14.
CIMB downgraded its rating on the company to "Reduce" from "Hold" with a target price of S$4.03, citing poor earnings outlook for the core media segment.
Among other stocks, shares of the inter-linked Jardine group extended gains for a second session on investor optimism in Indonesia's political climate, with Jardine Matheson Holdings Ltd, Jardine Cycle & Carriage Ltd and Jardine Strategic Holdings Ltd advancing 2.1 percent, 1.3 percent and 2.7 percent respectively. ($1 = 1.2481 Singapore Dollars) (Reporting by Andrew Toh; Editing by Himani Sarkar)
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