March 27, 2014 / 4:16 AM / in 4 years

Singapore index nears 3-month high

SINGAPORE, March 27 (Reuters) - Singapore shares edged higher on Thursday to their highest level since early January, outperforming other Asian markets that were weighed down by a late dip on Wall Street and fading hope of a possible stimulus in China.

The benchmark Straits Times Index inched nearly 0.4 percent higher to 3155.1 as of 0358 GMT, its highest level since Jan. 3. Meanwhile, MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.3 percent.

Noble Group Ltd topped the index. The stock rose 3.9 percent to an intra-day high of S$1.20, its highest in nearly a year. Trading in the stock was nearly 1.7 times its average 30-day daily trading volume, with more than 47 million shares changing hands.

The commodity trading firm has formed a joint venture with logistics business Qube Holdings Ltd to develop a multi-user grain handling facility called Quattro grain at Port Kembla, Australia. The facility is expected to begin operation in late 2015 or early 2016.

Real estate firms were also among the top performers. City Developments Ltd rose nearly 2.1 percent to intra-day high of S$9.79, its highest since Dec. 10. Real Estate stock index edged 0.36 percent higher to hit a two-week high.

Among the worst performers of the index, Sembcorp Industries Ltd declined 1.8 percent, putting it on track for its biggest daily loss for one week.

On small caps, Addvalue Technologies Ltd fell more than 20 percent, after the stock price almost tripled in the previous session. (Reporting by Brian Leonal; Editing by Rachel Armstrong and Gopakumar Warrier)

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