SINGAPORE, April 17 (Reuters) - Shares in ComfortDelgro rose to their highest in nearly 11 months on Thursday, outperforming a flat Singapore market following weaker-than-expected March export data.
ComfortDelgro shares surged 3 percent to as high as S$2.09, its highest since May 22, 2013. Around 6.2 million shares of the company changed hands, more than 1.7 times its 30-day trading average.
The benchmark Straits Times Index was flat at 3,254.8, while MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.3 percent.
Non-oil domestic exports in Singapore slid 6.6 percent in March from a year earlier, according to trade agency International Enterprise Singapore, far below a median forecast of a 0.8 percent dip in a Reuters poll.
Among mid-caps, shares of Ezion Holdings Ltd surged as much as 5 percent to S$2.29, their highest level in more than 7 weeks. The company said on Wednesday it plans to sell 100 million shares at S$1.94 per share to two firms in Malaysia’s Hong Leong Group to expand its fleet.
Maybank Kim Eng maintained its ‘buy’ rating on the stock, but trimmed its target price to S$2.70 from S$2.90. The brokerage said in a research note the net proceeds from the share issuance would enable the company to invest in new assets to grow its lifeboat business.
The Singapore exchange will be closed on Friday for a public holiday. ($1 = 1.2503 Singapore dollars) (Reporting by Andrew Toh; Editing by Sunil Nair)