CCT

CCT: +2.1% at $1.435 in strong volume, bolstered by a three large married deals in pre-open trade and several large blocks changing hands. The stock could also be getting some support from a Jones Lang LaSalle data showing 3Q12 office rents stabilizing, bringing some optimism to the office market, which has been hit by weak demand since the EU debt crisis returned fear to the global economy a year ago. The data show average gross effective rents for Raffles Place, excluding Marina Bay, Grade-A office declined only 1.1% qoq , similar to 2Q12's rate, pointing to relatively stable market conditions. Orderbook quotes suggest CCT will struggle to retest $1.445, its Aug peak as well as its highest since Jul 2011.