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Singapore shares rose slightly on Tuesday, with Keppel REIT rising to the highest in more than five years after posting a 7.6 percent rise in its first-quarter distributable income.
The Straits Times Index gained 0.2 percent to 3291.01, while the MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.7 percent.
Shares of Keppel REIT, which owns commercial properties, jumped nearly 4 percent to S$1.475, the highest since January 2008. About 4.6 million shares were traded, 2.5 times the average full-day volume over the past 30 days.
Keppel REIT said its first quarter distributable income rose to S$52.2 million ($42.2 million) compared with a year earlier, boosted by property income from higher occupancies in its Singapore and Australia properties.
DBS Vickers and Maybank Kim Eng said Keppel REIT's results were in line with expectations and kept a 'hold' rating. Maybank raised its target price to S$1.27 from S$1.25 while DBS increased its target price to S$1.43 from S$1.34.
Singapore Airlines Ltd (SIA) outperformed the market after it posted a 1.9 percent rise in overall load factor on Monday.
SIA shares gained as much as 1.5 percent to a week-high of S$10.76.
"A good year for pax traffic but weak yields at parent airline level and weak loads at Silk Air could still depress full-year results," UOB Kay Hian said, keeping a 'sell' rating with a target price of S$10.70.
1157 (0357 GMT)
(teo.jionchun@thomsonreuters.com)(+6564035659)(Reuters Messaging: teo.jionchun.thomsonreuters.com@reuters.net)
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