Singapore shares on track for biggest weekly gain in one month: Reuters

Singapore shares rose for a second session on Friday, on course for their biggest weekly gain in one month, as investors were encouraged by the prospect of extended U.S. monetary stimulus, though ThaiBev lagged behind the index after a sharp profit decline.

The worst performer on the index, Thai Beverage Pcl, dropped as much as 3.7 percent to an almost four-week low at S$0.52. The stock has risen over nearly a third so far this year, beating the index's 1 percent gain. ...

DBS downgraded the stock to " hold" after the company reported a 74 percent drop in third-quarter net profit.

" While we like the strong cash generation of its stable spirits business, the projected slow ramp-up and uncertainty in its other segments would be a drag on overall growth," DBS said in a research note.

The benchmark Straits Times Index edged up 0.2 percent to 3,197.53 points by 0543 GMT, headed for a 0.6 percent weekly rise.

The MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.2 percent.

Agricultural company Olam International Ltd outperformed the market with shares rising as much as 2.7 percent to a two-week peak at S$1.54, after it reported a 5.7 percent rise in quarterly profit.

Despite the management's optimism about Olam's outlook for the next year, DBS analysts said they would like to monitor its earnings delivery and sustainability of cash flow improvement for another quarter or two before turning positive. DBS maintained a 'hold' rating and target price of S$1.60 on Olam.

Shares of warehouse operator Global Logistic Properties Ltd gained 3 percent to an intra-day high of S$3.09, the highest in more than a week.