August 16, 2013 / 4:01 AM / 4 years ago

STOCKS NEWS SINGAPORE-Index falls on Fed concerns; Rowsley outperforms

Singapore shares fell to their lowest in more than a month on rising expectation that the United States Federal Reserve will start reducing its stimulus soon, but Rowsley Ltd outperformed after receiving regulatory approval for its deals.

The Straits Times Index eased as much as 1.3 percent to 3,180.30, the lowest since July 9.

Shares of Thai Beverage PCL fell for a second straight day after the beer and soft drinks company reported a 2 percent drop in second-quarter net profit. The stock led the decline on the index, dropping as much as 3.7 percent.

Shares of Rowsley, an investment firm owned by Singapore billionaire Peter Lim, surged as much as 12.9 percent to S$0.48, the highest since June 10. Around 15.8 million shares were traded, 3.2 times the average full-day volume over the past 30 days.

Rowsley said on Thursday the Singapore Exchange had given its in-principle approval for the company’s deals valued at S$545 million ($428 million), including the proposed acquisition of vacant land in Malaysia’s Iskandar Development Region.

Soilbuild Business Space REIT will begin trading at 0600 GMT after the manager of the REIT announced on Thursday the IPO’s public or retail offer was 5.4 times subscribed. The IPO was priced at S$0.78 per unit.

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