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STOCKS NEWS SINGAPORE-Index flat; SingTel falls to 1-month low

Source : REUTERS
Last Updated: Thu, Feb 28, 2013 04:10 hrs

Singapore shares were little changed, but Southeast Asia's largest telco operator Singapore Telecommunications Ltd (SingTel) fell to a one-month low.

The Straits Times Index was up 0.1 percent at 3,263.51 points, underperforming MSCI's broadest index of Asia-Pacific shares outside Japan which was 1.1 percent higher.

SingTel shares dipped as much as 2 percent to S$3.40, the lowest since Jan. 24. Nearly 23 million shares were traded, 1.1 times the average full-day volume over the past 30 days.

This month, SingTel reported a weaker-than-expected third-quarter net profit and reiterated its forecast for a fall in revenues this year. There have also been some negative media reports about the company's business in India, although traders said it is unclear if the news has had any significant impact on the stock.

Shares of Global Logistic Properties extended their fall after Singapore sovereign wealth fund GIC cut its stake in the warehouse operator.

GLP shares fell as much as 2.7 percent on Thursday. The stock has declined more than 9 percent since reports of the stake sale emerged.

1155 (0355 GMT)



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