Singapore shares rose, with Olam International Ltd
gaining after the Singapore-based agricultural commodities
company announced a joint venture with Sanyo Foods.
The Straits Times index gained 0.2 percent after
rising to as much as 3442.45, its highest since January 2008,
while MSCI's broadest index of Asia-Pacific shares outside Japan
shed 0.9 percent.
Shares of Olam jumped as much as 2.8 percent to S$1.82, its
highest since November 2012. Some 8.8 million shares changed
hands, matching the average full-day volume over the past 30
Olam agreed to set up a joint venture with Sanyo Foods in
Nigeria to make and distribute instant noodles in Nigeria and
across sub-Saharan Africa.
Units of Fortune Real Estate Investment Trust (REIT)
jumped 5.2 percent to a record high at S$8.24. The
company posted a first-quarter net profit of HK$153.3 million
($19.76 million), up 16.3 percent from the previous year.
"While the second or third quarter may see anchor tenants
renewing leases with lower percentages, we think that revenue
and net property income are likely to grow on a
quarter-to-quarter basis," said OCBC Investment Research, which
kept its "buy" rating and raised its fair value estimate to
HK$8.64 from HK$7.28.
Croesus Retail Trust, which focuses on retail
estate in Japan, is due to commence trading today at 2 p.m.
1310 (0510 GMT)