Shares slip by midday; GLP rises

Stock Name: GLP
Company Name: GLOBAL LOGISTIC PROP LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 2.37

Singapore shares slipped by midday, extending losses for a third straight session, as worries over Greece’s future in the euro zone continued to sap risk appetite.

The benchmark Straits Times Index fell 0.4% to 2,768.06, reversing its earlier gains as Asian shares fell to their lowest levels of the year.

“We’re seeing outflows from Asia. Nobody really wants to hold equities going into the weekend, because they’re worried about some political event that could happen,” said Markus Rosgen, head of Asia Pacific equity strategy at Citigroup.

Global Logistic Properties bucked the overall trend and was the strongest gainer on the STI, risng as much as 1.8% after it said its fourth-quarter net profit tripled from a year earlier.

CIMB said it expects GLP’s net asset value and earnings to continue growing, helped by the completion of its developments in China and Japan. It has an outperform rating on the stock with a target price of $2.37.