February 13, 2014 / 4:46 AM / in 4 years

SingTel up on positive earnings, leading Singapore index gain

SINGAPORE, Feb 13 (Reuters) - Shares of Singapore Telecommunications Ltd rose to a one-month high on Thursday on positive earnings, while the Singapore index stretched into a sixth straight session of gains.

SingTel, the best performing stock on the index, rose nearly 2 percent to an intra-day high of S$3.58, on course for its biggest daily gain in more than two months. Southeast Asia’s largest telecommunications operator posted a 6 percent increase in third-quarter net profit, beating expectations.

The benchmark Straits Times Index inched up 0.3 percent to 3,044.87 points as of 0418 GMT, while MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.4 percent.

Ocean Sky International Ltd was the worst performer on the bourse, slumping as much as 36.5 percent to S$0.127, its lowest in more than two years, after offshore oilfield service firm Ezion Holdings Ltd said it had terminated a plan to acquire the company.

Ocean Sky was also the most traded stock, with more than 86 million shares changing hands -- 26 times its average 30-day trading volume.

Ezion shares fell 1.3 percent to S$2.24.

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