SINGAPORE (Reuters) - Singapore shares barely budged on Tuesday as investors stayed off the stage, awaiting a key United States central bank meeting, while Thai Beverage shares hit an eight-month high and were headed for their biggest daily gain in two weeks.
The benchmark Straits Times Index was flat at 3,091.67 by midday, while the MSCI's broadest index of Asia-Pacific shares outside Japan edged up half a per cent.
ThaiBev, controlled by Thai billionaire Charoen Sirivadhanabhakdi, led the index, rising nearly 5 per cent to $0.64, its highest since last July.
Analysts cite ThaiBev's strong fourth-quarter performance despite the tax hike on alcohol in Thailand introduced in September 2013. The share price has risen 12.5 per cent so far this month while Singapore index has fallen 0.6 per cent.
"We find ThaiBev a strong defensive in an uncertain Thai environment," said Credit Suisse analysts in a note, noting that spirits consumption is negatively correlated to GDP growth.
Credit Suisse maintained its "outperform" rating on the stock, and lifted the price target to $0.68 from $0.60, adding it expects earnings to grow 8-11 per cent through 2016.
Property developer and hotelier OUE, controlled by Indonesia's Riady family, said a consortium it belongs to has won a preliminary licence to build a casino complex in South Korea.
OUE shares rose as much as 7.7 per cent to a three-month high of S$2.38, marking their strongest daily gain in 18 months.