SMRT (S53.SG) is off 0.4% at $2.31 following news Middle Eastern property developer Nakheel has called off contract for Singapore rail operator to run its Palm Monorail development in Dubai, according to Dow Jones.

Six-year contract initially valued at about $20 million annually. Nakheel says termination in line with ongoing restructuring of its business. DBS Vickers, which has Fully Valued call with $2.00 target, says impact of termination minimal as contract value only about 2.0% of SMRT’s fiscal FY11 revenue, but adds news could still give investors reason to book gains after recent strong run-up.

Shares +8.9% since beginning June, +21.5% year-to-date. Current pullback not accompanied by firm volume. Support at this week’s low of $2.25.