Reuters: Hot Stocks: STOCKS NEWS ASEAN-Singapore index struggles near 3,000

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STOCKS NEWS ASEAN-Singapore index struggles near 3,000 Mar 22nd 2012, 06:48 Thu Mar 22, 2012 2:48am EDT Singapore shares fell in a lacklustre session as Asian stock markets struggled after data showed China's factory activity shrank for a fifth consecutive month. The benchmark Straits Times Index shed 0.3 percent to 2,997.4. The index has stumbled after crossing the 3,000 level in mid-Feb, but is still up 13 percent so far this year. "We've done very well over the last three months. It's partly liquidity driven, and some people were starting to discount things in Europe. And there were some positive numbers out of the U.S.," said Carey Wong, an investment analyst at OCBC Investment Research. "But now there might be some concerns that the market has run way ahead of the real economy because I think things in China aren't looking very rosy." For a related story, click: (Reporting by Anshuman Daga and Eveline Danubrata in Singapore) Reuters messaging rm://firstname.lastname.thomsonreuters.com@reuters.net ************************************************************ 11:38 STOCKS NEWS ASEAN-DBS raises F&N target price, trims estimates DBS Vickers increased its target price for Singapore's property and food and beverage conglomerate Fraser and Neave Ltd (F&N) to S$7.70 from S$7.20 and kept its buy rating, citing a higher market value of its listed entities. The broker said F&N is also a good proxy to its unit Asia Pacific Breweries Ltd, which has a strong geographical presence in Southeast Asia but whose shares have limited liquidity. Although DBS trimmed its earnings forecast for F&N by 12 and 6 percent in 2012 and 2013 respectively to reflect the recognition of earnings on the completion of its overseas projects, its property sales remain robust, it said. By 0306 GMT, F&N shares were up 0.9 percent at S$6.88, and have gained 11 percent since the start of the year. 1120 (0320 GMT) (Reporting by Charmian Kok in Singapore) Reuters messaging rm://charmian.kok.thomsonreuters.com@reuters.net ************************************************************ STOCKS NEWS ASEAN-Singapore's index futures flat Singapore MSCI March futures were flat on Thursday, indicating the benchmark Straits Times Index is likely to have a lacklustre start. Asian shares inched up on Thursday but remained in ranges as investors waited for manufacturing data from China and the euro zone due this session for more clues about the state of their economies. (Reporting by Eveline Danubrata in Singapore) Reuters messaging rm://eveline.danubrata.thomsonreuters.com@reuters.net (Reporting by Eveline Danubrata) Link this Share this Digg this Email Reprints

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