Shares of Singapore-listed rubber firm GMG Global <GMGG.SI> rose 23% to $0.29, a shade below record high levels, on Wednesday after rubber futures in Tokyo rose to its highest level since late April on expectations of a global rubber shortage.

Over 150 million shares had changed hands by 11:29 a.m.

"Worries of a shortage in rubber has turned the spotlight on GMG, which may benefit from the rise in rubber prices," said a local trader.

Key Tokyo rubber futures inched up on Wednesday to hover near their highest level since late April, but gains were capped as the yen resumed its climb against the dollar.