Singapore-listed property developer Wing Tai has recorded a 4.3 percent rise in shares to a two-month high of $1.70 (US$1.23) following the upgrade of another major developer by Credit Suisse.
City Development was upgraded by Credit Suisse to ‘outperform’, resulting in an almost 3 percent rise in shares. The gains in shares of City Development have helped to boost investor sentiment and led to an increase in a few of the leading mid-cap property plays, said a Singapore-based trader.
By 0313 GMT yesterday, more than 4.4 million Wing Tai shares had been sold.
The luxury property segment of Wing Tai is expected to perform strongly, as tourist arrivals in the country are likely to benefit from the opening of the casino resorts, said the trader.
Shares of Wing Tai have dropped 10.9 percent since the start of 2010.