CapitaLand shares head south after results; Singapore index upbeat

CapitaLand shares head south after results; Singapore index upbeat

Last Updated: Wed, Feb 19, 2014 04:30 hrs

SINGAPORE, Feb 19 (Reuters) - CapitaLand Ltd shares were headed for their biggest daily fall in more than 4-1/2 months after reporting disappointing quarterly earnings on Wednesday, while the wider Singapore market outperformed a sluggish performance in the rest of Asia.

Shares of CapitaLand fell 2 percent to an intra-day low of S$2.88, marking their biggest daily decline since Sept. 30, 2013 after the largest property developer in Southeast Asia reported a 45.6 percent fall in fourth-quarter profit.

The benchmark Straits Times Index rose though other Asian share markets were stuck in hesitant mode as investors keep a wary eye on interest rates in China.

The index rose 0.5 percent to 3,086.2 as of 0413 GMT, heading towards its third consecutive day of gains, while MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.2 percent.

Commodity firms Olam International Ltd and Golden Agri-Resources Ltd were among the top performers of the index.

Shares of Olam International jumped 4.7 percent to an intra-day high of S$1.67, their highest in six months, while Golden Agri rose 2.8 percent to a high of S$0.55, its highest in nearly six weeks.

Malaysian palm oil futures rose for a fifth straight session on Tuesday, touching a one-and-a-half-year high due to firmer comparative oils and expectations of rising demand, coupled with falling exports.

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