Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-CIMB sees office rents bottoming, upgrades Suntec

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STOCKS NEWS SINGAPORE-CIMB sees office rents bottoming, upgrades Suntec Apr 19th 2012, 03:46 Wed Apr 18, 2012 11:46pm EDT Singapore office rents could bottom in the near term and provide some support for real estate investment trusts such as Suntec Real Estate Investment Trusts and CapitaCommercial Trust, CIMB said. The broker upgraded its rating on Suntec to outperform from trading buy and highlighted Suntec and CapitaCommercial Trust as its top picks for office property stocks. Singapore office rents have come under pressure in recent quarters as the weaker global economic outlook led firms to hold back their expansion. "We believe that the office sector is approaching the end of a de-rating cycle. Average rents are now back at the second quarter of 2009 levels, around the period of the global financial crisis," CIMB said in a report. Suntec REIT rose 1.2 percent, while CapitaCommercial Trust inched downd 0.4 percent in a flat broader market. Unit prices of Suntec REIT and CapitaCommercial Trust have risen by about 17 percent so far this year, slightly outperforming a rise in the benchmark index. 1130 (0330 GMT) (Reporting by Harry Suhartono in Singapore; harry.suhartono@thomsonreuters.com) ***************************************************** 08:45 STOCKS NEWS SINGAPORE-Index futures inches up Singapore's Index Futures inched up 0.09 percent early on Thursday, indicating the benchmark Straits Times Index would open slightly higher. Asian shares moved in a narrow range on Thursday after the previous day's rally as investors grew cautious ahead of a key Spanish bond sale that would test the market's risk appetite as concerns mounted over the euro zone's debt crisis. 0838 (0038 GMT) (Reporting by Harry Suhartono in Singapore; harry.suhartono@thomsonreuters.com) Link this Share this Digg this Email Reprints

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