April 9, 2013 / 5:00 AM / 6 years ago

STOCKS NEWS SINGAPORE-Index up, SingTel rises to near 5-yr high

Singapore shares rebounded after three straight sessions of losses, boosted by a solid start to the U.S. earnings season.

The Straits Times Index was 0.6 percent higher at 3,304.84 points, while the MSCI index of Asia-Pacific shares outside Japan rose 0.8 percent.

Alcoa Inc, the largest U.S. aluminium producer, posted an increase in quarterly profit on Monday, easing concerns about corporate results in the first three months of 2013.

The rise in the Singapore market was broad based, with Singapore Telecommunications Ltd, Southeast Asia’s largest telecom operator, leading the list of gainers.

Shares of SingTel gained as much as 1.9 percent to S$3.68, their highest since late June 2008. It is one of the most actively traded stocks by value in the Singapore market on Tuesday.

“The rise in share prices may be due to SingTel’s participation in the bidding of mobile phone license in Myanmar,” a trader said, adding there are a lot of interested parties in the bidding.

Singapore-listed Yoma Strategic Holdings Ltd said on Thursday it has joined a consortium led by the Digicel Group to bid for one of two mobile phone licenses that Myanmar is expected to award later this year.

Yoma shares added as much as 1.9 percent to S$0.785, gaining 5.4 percent after the bid announcement.

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