Raffles Education Corp (E6D.SG) is up 5.1% at 3-week high of $0.31 in active trade, says Dow Jones.

“It’s a laggard play,” says a dealer at foreign brokerage; notes stock may be benefiting from spillover effect of Informatics Education's (I03.SG) recent rally.

Informatics +250% since July 21 as high-profile Singapore investor Peter Lim becomes substantial shareholder via series of purchases in open market.

Dealer adds REC's founder, CEO Chew Hua Seng and his spouse may also be buying REC shares from open market.

According to most recent SGX filing, Chew's spouse Doris Chung raised deemed stake in company to 10.29% from 10.25% in late June.

Resistance at July 12 peak of $0.34. Informatics +2.4% at $0.215.