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Singapore shares rebound after four-day losing streak
February 5, 2014 / 4:46 AM / 4 years ago

Singapore shares rebound after four-day losing streak

SINGAPORE, Feb 5 (Reuters) - Singapore shares rebounded from four consecutive sessions of losses on Wednesday as Wall Street steadied and concerns about emerging markets eased.

The benchmark Straits Times Index rose 0.4 percent to 2,976.6 by 0411 GMT, while the MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3 percent.

Real estate developer City Developments Ltd, the top performer on the Straits Times index, was headed for its biggest daily gain in nearly five months. The stock climbed as much as 2.5 percent to S$8.90, ending eight consecutive sessions of losses.

Shares in Sembcorp Industries Ltd were also headed for their biggest daily gain in more than six weeks, rising as much as 1.9 percent to S$5.29.

The global marine and offshore engineering group said on Monday that it had signed a conditional agreement to buy 45 percent of NCC Power Projects, which is currently building a coal-fired power plant in India’s southern region.

The worst performer on the index, Thai Beverage PCL , fell 4.7 percent to an intra-day low of S$0.51, its lowest level in six weeks, while SIA Engineering Co Ltd extended losses for a second day after its disappointing third-quarter results on Monday.

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