Singapore shares edged higher on Wednesday as renewed interest in Global Logistic Properties (GLP) (GLPL.SI) and the city-state’s three local banks was offset by profit-taking on oil and commodity-related plays.

By the midday break, the Straits Times Index (STI) <.FTSTI> was up 0.1%, or 2.86 points, to 3,253.15. The total value of shares traded was $1 billion, slightly lower than $1.1 billion during Tuesday’s morning session.

 

 

Traders said there may be some downside to the STI after the midday break, with support likely around the 3,240 point level.

 

Shares of warehouse operator GLP rose as much as 1.9% after it said it will buy a 53% stake in China’s Airport City Development (ACL).

 

“This piece of news will buoy GLP’s price,” DMG & Partners said in a report. “ACL’s properties will be GLP’s first air cargo facilities to be sited within an airport perimeter.”

 

At midday, GLP shares gained 0.9% at S$2.16 on a  volume of 44.1 million shares.  

 

Shares of Singapore banks were up after lagging the broader market last year.

 

At midday, shares of DBS (DBSM.SI) rose 1% at S$14.74 on a volume of 4.2 million shares. Oversea-Chinese Banking Corp (OCBC.SI) gained 1.4% at $10.10 with 3.8 million shares changing hands, and United Overseas Bank (UOBH.SI) added 0.3% at $18.82 on a volume of 2 million shares.

 

“Banks are laggards versus regional peers, and are poised for re-rating, with upside from higher-than-expected GDP growth translating into loan growth,” DBS said in a report.

 

Shares of CapitaLand Southeast Asia’s largest property developer, rose as much as 1.3% after it said it was open to the idea of a listing in China, where the firm’s shopping mall unit plans to almost double its number of properties.

 

At midday, CapitaLand shares were trading at $3.80 on a  volume of 11.3 million shares. CapitaMalls Asia (CMAL.SI), its retail arm, was up 1.1% at $1.89 with 3.6 million shares changing hands.

 

Palm oil stocks fell due to profit-taking after a recent rally driven by firm prices, but traders and analysts said the sector still has upside in the near term because demand is likely to outstrip supply.

 

At midday, shares of Golden Agri-Resources (GAGR.SI) fell 1.2%, First Resources (FRLD.SI) lost 1.3% and Indofood Agri (IFAR.SI) retreated 1.4%.

 

Rig makers Keppel Corp (KPLM.SI) and Sembcorp Marine (SCMN.SI) also lost ground after rallying in recent sessions on the back of higher oil prices.