Singapore Hot Stocks-China shares surge on govt action

SINGAPORE, Sept 19 (Reuters) - Shares of Singapore-listed China firms rebounded on Friday, led by property developer Yanlord Land, buoyed by the Chinese government's moves to boost its economy and sagging stock market.

Yanlord (YNLG.SI) was the top gainer among China shares, jumping as much as 26 percent to S$1.42, while shipbuilding and repair firm Cosco (COSC.SI) rose as much as 11 percent to S$1.73.

Among the small caps, China Energy (CENR.SI) was up 10 percent to S$0.22, while China Hongxing (CHXS.SI) rose 7 percent to S$0.31.

"Chinese property companies that are listed in Shanghai and Hong Kong are doing well, so it could be the main reason helping those in Singapore," said a trader from a Singapore-based brokerage.

China developers are expected to gain after the central bank cut rates on Monday, and following Thursday's announcement of steps to bolster the stock market, including scrapping a stamp tax on stock purchases. [ID:nSHA109937]

0637 GMT - The FTSE China Index .FTFSTC, which tracks 50 China firms listed in Singapore, rose 4.8 percent, outperforming the Straits Times index .FTSTI which was up 4.5 percent.

STRAITS RESOURCES UP ON CANCELLED DEMERGER

Shares of Straits Asia Resources (STRL.SI) jumped by as much as 11.7 percent on Thursday after its parent company Straits Resources (SRL.AX) said on Friday it will not go ahead with demerger plans due to current market volatility.

"We acknowledge the existing volatility and uncertainty in the markets, which has changed the dynamics of what was originally contemplated and has implcations for some of the requirements of the proposed transaction," Milan Jerkovic, Chief Executive Officer of Straits Resources, said in a press release.

"The Straits Asia business continues to perform strongly and in our opinion is undervalued."

The Australia-listed Straits Resources holds a 47 percent stake in coal miner Straits Asia Resources. In April Straits Resources proposed a demerger plan which included distributing its stake in Straits Asia to its own shareholders as well as seeking a listing for Straits Asia in Australia by October. [nSYD60417]

By 0331 GMT, shares of Straits Asia were up 9.8 percent at S$1.79 with over 10 million shares traded, while parent Straits Resources was down 6.1 percent.

0331 GMT - Straits Times Index was up 3.7 percent. (Reporting by Brenda Goh; Editing by Jennifer Tan and Neil Chatterjee)