Singapore shares edged higher, following gains in global equity markets, led by a rebound in property stocks as investors picked up bargains.
Singapore’s benchmark Strait Times Index rose 0.3 percent to 3,243.41 points by 0450 GMT, tracking a 0.7 percent rise in Asian shares ex-Japan.
Property firm CapitaLand Ltd topped the index with a 2.2 percent rise, followed by Keppel Corp Ltd which rose 1.5 percent. CapitalMall Trust and City Developments Ltd were up 1 percent and 0.8 percent respectively.
“Despite all the government cooling measures, everything seems okay,” said a Singapore-based trader, “In addition, property firms’ shares prices had gone down a lot and some investors are hunting for bargains.”
CapitaLand, Southeast Asia’s biggest developer, reported a slight fall in its second-quarter net profit late last month. Its share price hit a more than two-week low of S$3.18 on Monday before recovering to S$3.26.
Shares in palm oil firm Bumitama Agri Ltd fell 2.6 percent to S$0.945, on course for the biggest daily drop in more than two weeks, after the company reported a 19.2 percent decline in second-quarter net profit.