Singapore shares edged higher, following gains in global equity markets, led by a rebound in property stocks as investors picked up bargains.
Singapore’s benchmark Strait Times Index rose 0.3% to 3,243.41 points by 012:50 p.m., tracking a 0.7% rise in Asian shares ex-Japan.
Property firm CapitaLand topped the index with a 2.2% rise, followed by Keppel Corp which rose 1.5%. CapitalMall Trust and City Developments were up 1% and 0.8% respectively.
“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 $3.18 on Monday before recovering to $3.26.
Shares in palm oil firm Bumitama Agri fell 2.6% to $0.945, on course for the biggest daily drop in more than two weeks, after the company reported a 19.2% decline in second-quarter net profit.