Singapore shares on track for biggest gain in 1 month

SINGAPORE, March 24 Mon Mar 24, 2014 1:35am EDT

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SINGAPORE, March 24 (Reuters) - Singapore stock index rose about 1 percent on Monday, on course for its biggest daily gain in more than a month, as regional markets shook off the gloom from weak Chinese manufacturing data.

The benchmark Straits Times index rose about 1 percent to 3,103.05 as of 0500 GMT, after finishing the previous week nearly flat. MSCI's broadest index of Asia-Pacific shares outside Japan was up nearly 0.5 percent.

Conglomerate Jardine Matheson Holdings Ltd led the index, rising as much as 4.8 percent to an intra-day high of S$58.20, putting it on track to its biggest daily gain in more than three weeks. Its subsidiary Jardine Strategic Holdings Ltd rose nearly 2.4 percent.

Among small caps, shares of Albedo Ltd rose more than 23 percent when trading resumed on Monday, after it said the proposed acquisition of the company by Malaysian businessman Danny Tan had not been aborted.

However, Albedo said Tan's Infinite Rewards Inc had requested the agreement to be mutually terminated.

Trading in the stock was suspended last week after a Malaysian daily reported that Tan has pulled out of talks to buy Albedo. (Reporting by Brian Leonal; Editing by Anand Basu)

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