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STOCKS NEWS SINGAPORE-Index little changed, Noble falls

Source : REUTERS
Last Updated: Tue, Jan 29, 2013 10:00 hrs

Singapore shares were little changed by midday as weakness in commodity stocks such as Noble Group was offset by small gains in market heavyweight Singapore Telecommunications .

The market lacked inspiration from Wall Street, where the S&P 500 index eased slightly after an eight-day run of gains.

The Straits Times Index was down 0.11 percent at 3,271.27 points. The MSCI index of Asia-Pacific shares outside Japan was up 0.7 percent.

Noble fell 2.8 percent to S$1.215, while SingTel gained 0.87 percent to S$3.48. Noble was suspended from Argentina's grains register for an investigation into unpaid taxes, according to a media report.

"The fall is a knee-jerk reaction to the suspension but it is unlikely to be material," said a trader.

"The index seems to be stuck in the range of 3250-3280," said OCBC investment analyst Carey Wong, adding that the market is awaiting results from property firms for direction.

Property firms have been in play recently after the Singapore government introduced new measures to cool the residential property market.

The move triggered selling in most property stocks, but the larger ones such as CapitaLand have rebounded.



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