Singapore index on course for fourth week of gains

SINGAPORE (Reuters) - The Singapore index was on track for its fourth week of gains, with shares inching up for a fourth consecutive session on Friday, even as investors remained cautious ahead of US job data.

The benchmark Straits Times Index edged up 0.1 per cent to 3,133.22 points by midday, while the MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2 per cent, buoyed by Wall Street's gains on the previous day.

Top performers on the index included Jardine Strategic Holdings and Hongkong Land Holdings, with shares rising 2.3 per cent to $34.65 and 1.7 per cent to $0.61 respectively.

Warehouse operator Global Logistic Properties extended gains for a second day, after its announcement that it would acquire industrial warehouses and logistics facilities from Brazilian real estate developer BR Properties SA.

GLP shares rose as much as 1.1 per cent to a one-week high at $2.84 and traded at more than three times its average 30-day full-day volume. GLP was the second top traded stock by value.

CIMB in a research note said it expects GLP to inject a portion of the Brazilian assets into its existing fund platform.

"China will remain its core market, with GLP still having the firepower to increase its China investments by 40 per cent yoy (year-on-year) in FY15," it said.

The brokerage maintained its "add" rating and target price of $3.48 on the stock.

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