March 31, 2014 / 4:21 AM / in 4 years

Singapore index advances to near 4-month high

SINGAPORE, March 31 (Reuters) - Singapore’s main index rose for a fourth straight session on Monday to its highest in nearly four months, in line with the broader Asian market that rode on expectations of potential stimulus in China.

The Straits Times index advanced as much as 20.16 points, or 0.64 percent, to 3,192.3, its highest since Dec. 3, 2013.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose more than 0.3 percent on heightened speculation that Beijing will launch new spending measures and on easing tensions in Ukraine.

Among gainers, Thai Beverage PCL topped the Singapore index and rose as much as 3.4 percent to an intra-day high of S$0.61, on track for its biggest daily gain in nearly four weeks.

Real estate stocks figured among the top performers. CapitaMalls Asia Ltd and CapitaLand Ltd rose 2.5 percent and 2.1 percent, respectively. The real estate index gained 0.3 percent to an 11-week high.

Brokerage OCBC maintained its “buy” rating on CapitaLand and kept its fair value unchanged at S$3.50 following the company’s acquisition of 60 percent interest in two residential sites in Chengdu, China. The jittery Chinese credit market can offer acquisition opportunities for the Singapore firm, it said in a report. (Reporting by Brian Leonal; Editing by Subhranshu Sahu)

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