DAILY MARKET UPDATES 3rd August 2008

Safety in Reits? Don't count on it:
analystsHigh yields and strong results are making real estate investment trusts (Reits) stand out in a volatile market. Most Reits turned in impressive results for the quarter ended June 30, 2008. The 18 which reported their performance before last Friday all achieved higher distributable income and distribution per unit (DPU) over the same period last year. Some market watchers caution that Reits are not necessarily safer bets because of their link to the cyclical property sector. But most market watchers agree that Reits will continue to generate steady operating results.- The Business Times, P1Kuwait SWF plans to invest more in JapanKuwait Investment Authority (KIA), the Gulf state's sovereign wealth fund, plans to as much as triple investments in Japan to US$48 billion. Kuwait invests about US$15-16 billion in Japan. The increased investments would follow an agreement to avoid double taxation between the two countries, which would help strengthen investment flows. KIA was looking at investments in Japan's real estate sector and stock market, and other direct investments, said Kuwait’s finance minister.- The Business Times, P2255% of companies posting H1 results show profit gain85 SGX-listed companies have released financial results for the six months ended June 30, recording a combined $9.11 billion in profits. This represents an increase of 13.6% compared to the corresponding period a year ago for the same 85 companies. Of these, 80 companies or 94% reported profits. Forty-seven or 55% registered higher profits.

- The Business Times, P9