Singapore shares muted on Fed tapering expectations

SINGAPORE (Reuters) - Singapore shares were little changed on Wednesday as expectations of more reductions in the US Federal Reserve's stimulus kept Asian stock markets subdued.

The benchmark Straits Times Index was nearly flat at 3,134.25 at midday in thin trading volume, while the MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.1 per cent.

The top performer on the Singapore index was Global Logistic Properties, climbing as much as 1 percent to $2.93. The warehouse operator was the second top-traded stock by value, with shares trading at 1.3 times its average 30-day full-day volume.

Units of Mapletree Logistics Trust jumped as much as 1.4 per cent to a more than one-week high of $1.05 after the real estate investment trust (REIT) said its third-quarter gross revenue and distribution per unit (DPU) rose by 0.9 and 7 per cent year-on-year.

Maybank Kim Eng maintained its "sell" rating on the stock with a target price of $0.98 as a weakening yen caused Mapletree's Japanese portfolio to continue to languish. The brokerage also cut its DPU forecasts in anticipation of lower growth prospects and higher borrowing costs.

Singapore Exchange announced it will bring in circuit breakers for its securities market on Feb. 24, as it responds to criticism following a penny stock crash in October.

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