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Singapore index hits 2-week high
March 26, 2014 / 4:45 AM / 4 years ago

Singapore index hits 2-week high

SINGAPORE, March 26 (Reuters) - Singapore stock market rebounded to hit a two-week high, tracking regional markets that gained on upbeat U.S. consumer confidence data and lingering hopes of China’s stimulus.

The benchmark Straits Times index was up more than 1.1 percent at 3139.14 as of 0434 GMT. The index fell 0.25 percent on Tuesday. MSCI’s broadest index of Asia-Pacific shares outside Japan was up nearly 1.1 percent.

Noble Group Ltd topped the index, rising as much as 4.5 percent to an intra-day high of S$1.15, highest in more than 10 months. By 0436 GMT, 47.1 million shares changed hands, nearly twice the average 30-day daily trading volume.

The worst performer of the index, Hongkong Land Holdings Ltd was headed for its biggest daily loss in one week, declining 2.3 percent to an intra-day low of S$6.24.

Among small caps, Addvalue Technologies Ltd soared 188.9 percent to a more than 10-year high of S$0.182 after it agreed to sell its stake in one of its units to a Chinese company.

By 0437 GMT, 143.8 million shares were traded, more than 460 times its average 30-day daily trading volume.

The mobile satellite terminals manufacturing company said late on Tuesday that it would sell 1.1 billion ordinary shares it owned in its wholly-owned subsidiary, Addvalue Communications Pte Ltd, to a Beijing-based firm for a cash consideration of S$330 million. (Reporting by Brian Leonal; Editing by Anand Basu)

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