Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Property shares fall on policy concerns

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

STOCKS NEWS SINGAPORE-Property shares fall on policy concerns May 16th 2012, 02:58 Tue May 15, 2012 10:58pm EDT Shares in Singapore developers such as CapitaLand Ltd fell after persistently strong property data added to worries that the government may introduce more measures to cool the housing market. CapitaLand, Southeast Asia's largest property developer, lost as much as 2.2 percent at S$2.63, while smaller rival City Developments dropped 2.1 percent to S$10.04. New private home sales in Singapore stayed strong for the fourth consecutive month, rising nearly four percent in April from March, data from the Urban Redevelopment Authority (URA) showed. "Demand stays unabated even as the government continues to flood the system with supply, most recently releasing five sites yielding 2,100 units," said CIMB Research in a report. The broker noted that April's new private home sales of 2,487 units was the highest since July 2009. It is underweight residential developers and has an underperform rating on CityDev but an outperform on CapitaLand. "We believe the strong volumes and increasingly speculative trend, in our opinion, will not sit well with policy makers," said CIMB. Another broker Maybank Kim Eng said while the secondary market and the high-end segment in the primary market remain subdued, exuberance persists in the mass market. It believes policy risks are still elevated and expects property prices to correct by 10 percent by the end of 2013. Kim Eng advised investors to avoid Singapore-focused residential developers and said its top picks are retail property stocks such as CapitaMall Trust and CapitaMalls Asia, followed by diversifed companies including CapitaLand and Keppel Land. For related story click 1044 (0244 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 8:46 STOCKS NEWS SINGAPORE-Index futures down 0.6 pct Singapore index futures were 0.6 percent lower, indicating a negative opening for the benchmark Straits Times Index. Asian shares fell on Wednesday after Greek politicians failed to form a government, setting the stage for a June election that could raise the risk of Greece abandoning the euro and deepening the euro zone's debt crisis. 0839 (0039 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) (Editing by Michael Perry) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions