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STI Stocks News
Singapore shares rose to a two-week high at midday, led by developer Hongkong Land Holdings Ltd, as comments from Chinese premier Wen Jiabao that the government will continue to support growth boosted investor confidence.
The benchmark Straits Times Index was up 0.27% at 3,024.49 points. Asian shares were also broadly higher, with the MSCI’s broadest index of Asia-Pacific shares outside Japan up 1.1%.
Hongkong Land rose 2.6% to $6.03 on better optimism on China’s growth. Premier Wen Jiabao said on Tuesday that China is on track to meet this year’s target for economic growth and if needed, the government could utilise a 100 billion yuan ($19.5 billion) fiscal stability fund to boost growth.
DBS Vickers raised its target price for StarHub to $3.67 from $3.50 and kept its ’hold’ rating, citing higher earnings from its new 4G mobile services.
The brokerage expects StarHub’s 2013 and 2014 earnings to rise by 4 and 8% respectively, but said larger rival Singapore Telecommunications will see only a marginal impact. StarHub shares were up 0.3% at $3.66, while SingTel shares were flat at $3.33.
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