REUTERS - Singapore shares fell on Thursday, snapping three consecutive days of gains, but Mapletree Commercial Trust outperformed the market after it reported a 14 per cent rise in distribution per unit (DPU) for its first quarter.
The Straits Times Index was down 0.8 per cent, while MSCI's broadest index of Asia-Pacific shares outside Japan was 0.4 per cent lower.
Most stocks on the index fell, with United Overseas Bank, CapitaMall Trust and CapitaMalls Asia among the biggest decliners.
Units of Mapletree Commercial rose as much as 2 per cent to $1.26, the highest since June 18. Some 4.5 million shares were traded by midday, nearly matching the average full-day volume over the past 30 days.
The trust recorded DPU of 1.753 Singapore cents for the three months ended June, up from 1.537 Singapore cents a year earlier. Mapletree also said it had committed nearly 60 per cent of the leases expiring in this financial year.
Citigroup said Mapletree Commercial's VivoCity shopping mall and Anson office building had driven the 31 per cent increase in net property income, while operating expenses were kept under control. It has a "buy" rating and target price of $1.49.
Stapled securities of OUE Hospitality Trust will begin trading at 2 pm. Its public offer was around 19.1 times subscribed by retail investors.