Singapore shares near 1-month high as Summers quits Fed bid
Singapore shares climbed to their highest in nearly a month, in tandem with Asian markets as the withdrawal of Lawrence Summers from the bid for the Federal Reserve's head boosted hopes for the Fed's monetary stimulus to stay longer.
The benchmark Straits Times Index rose 1.7 percent to a near one-month high of 3,174.56, on course for its biggest daily rise in over two months. MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.3 percent.
Industrial stocks outperformed, up 1.9 percent, followed closely by stocks in consumer goods and real estate investment trusts (REITs) .
CapitaMalls Asia Ltd rose more than 3 percent to a one-month high of S$1.99, ahead of other property plays in the index.
"We view CMA as an indirect play on China's rising consumption trends, supported by stable income from REITs and Singapore," said Barclays in a research note, though adding the China business is facing increasing competition.
In other stocks, Ezra Holdings Ltd shares rose as much as 7.5 percent to S$1.355, its highest in more than eight months, after jumping nearly 42 percent in the past three sessions.
- White House reverses, says Obama met uncle and lived with him during law school
- South Africans, some fearful, wake to life without Mandela |
- U.S. television, Twitter, alive with new version of 'Sound of Music'
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image
- Ford leans on global Mustang to burnish overseas image