CapitaMalls Asia (JS8.SG) rose 3.8% to $2.45 this morning on strong volume of more than 43 million shares, the most active on the SGX.

CapitaMalls Asia’s share price hit its highest level since Nov 25 debut on delayed reaction to news of stock’s inclusion in MSCI Singapore Index, says Dow Jones Newswires.

According to Nov 25 announcement on MSCI Barra website, CMA will be added to index from Dec 10, the report says.

The announcement comes one month after MSCI’s 2009 semi-annual index review, which showed only one Singapore stock, China-based shipbuilder Yangzijiang (BS6.SG), being included in MSCI Singapore Index.

“It was announced by MSCI during CMA’s listing date but most people only caught it now. It appears to be a last-minute addition,” says a foreign house analyst.

CapitaMalls Asia has gained as much as 16% since listing and may head higher as index-entry date approaches.

Dow Jones says orderbook quotes suggest stock may test $2.50.