Singapore shares edged higher, following gains in global equity
markets, led by a rebound in property stocks as investors picked
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
"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.