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Shares of Singapore Exchange (SGXL.SI), Asia’s second-largest listed bourse operator, rose as much as 2.7% on Wednesday on news of a US$6 billion ($7.7 billion) proposed listing of Hutchison Whampoa’s port trust unit and SGX’s plans to start all-day trading on March 1.
By 10:50 a.m., SGX shares were up 2.1% at $8.68.
“There’s a big IPO coming and eliminating lunch breaks is expected to increase trading volumes,” said a local trader.
Hutchison Whampoa (0013.HK) plans to spin off its holdings in two ports assets, a move expected to raise US$6 billion in what could be Southeast Asia’s largest ever offering.
Phillip Securities said other exchanges that removed or reduced the timing of lunch breaks reported an increase in earnings by 6-12%, adding that exchanges in Hong Kong and Japan have lengthened their market hours.
The brokerage said continuous trading had become increasingly important for SGX due to the growing participation by institutional traders.
