SINGAPORE, April 2 (Reuters) - The benchmark Straits Times
Index .FTSTI rose 3.9 percent as of 0613 GMT on Thursday.
The following stocks were on the move:
** PROPERTY FIRMS RISE ON U.S. HOME SALES **
Shares of Singapore property firms CapitaLand (CATL.SI) and
City Developments (CTDM.SI) led a rally in property stocks on
Thursday after better-than-expected U.S. home sales data raised
hopes the economic downturn is moderating.
CapitaLand gained as much as 10.6 percent, while CityDev
rose as much as 7 percent, after pending U.S. home sales went
up by 1.2 percent in February. The rally came despite first
quarter home prices in Singapore suffering their biggest drop
since 1975.
"We are generally more positive over the outlook of
financially strong developers with greater mass market
exposure," said OCBC Securities in a note on Thursday, rating
UOL Group (UTOS.SI) "buy" and City Developments "hold".
0613 GMT
** OLAM RISES ON HIGHER PALM OIL PRICES **
Shares of Olam rose as much as 10.4 percent after benchmark
Malaysian palm oil futures went up by 3.5 percent on Wednesday
to their highest close in more than six months.
Investors had rushed to cover positions on fears of an
imminent global vegetable oil supply squeeze. [ID:nKLR463696]
"Despite recession everywhere, commodities have more or
less hit their worst and will keep off their lows," said a
local trader.
0347 GMT
(Reporting by Eveline Danubrata; Editing by Neil Chatterjee)
