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Singapore shares rise for third day; CapitaLand at 1-month high

Published on Mar 28, 2014 12:55 PM

SINGAPORE (Reuters) - Singapore shares were set to rise for the third day in a row on Friday, with Southeast Asia's largest property developer CapitaLand among the biggest gainers.

The Straits Times Index was up 0.6 per cent, while MSCI's index of Asia-Pacific shares outside Japan was 0.7 per cent higher.

Shares of CapitaLand rose as much as 2.5 per cent to $2.85, the highest since Feb 28. The Singapore firm said early on Friday it had acquired a 60 per cent interest in two residential sites in Chengdu for $155 million.

"The acquisition is in line with CapitaLand's strategy to further strengthen its presence in China," it said in a statement. The stock is also looking relatively "cheap", analysts and traders said.

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