SINGAPORE (Reuters) - CapitaMall Trust fell to its lowest in 10 weeks after broker Maybank Kim Eng cut its rating on the real estate investment trust (Reit), while Singapore shares eased for a second straight session on Wednesday.

CapitaMall Trust dropped as much as 1.5 per cent to $1.93, on course for their biggest daily decline since early September, after Maybank Kim Eng downgraded its rating on the REIT's units to "hold", with a target price of $2.10, citing valuation.

Growth prospects for distribution per unit are lacklustre as most of the trust's eligible portfolio malls have already undergone asset enhancement, Maybank said in a note.

The benchmark Straits Times Index was 0.2 per cent lower at 3,168.49 by middaywhile the MSCI's broadest index of Asia-Pacific shares outside Japan was nearly flat.

Shares in commodities firm Noble Group fell more than 1 per cent, retreating from a five-month high hit in the previous session.

Singapore Telecommunications rose as much as 1.6 per cent to a one-week high at $3.75, its biggest daily gain in one month.