SINGAPORE, Dec 7 (Reuters) - Singapore shares rose to
the highest in two months, lifted by Hongkong Land Holdings Ltd
and CapitaLand Ltd on hopes of stronger
property sales in China, whose economy is showing signs of
The Straits Times Index rose as much as 1 percent
to 3,109.92 points, the highest intra-day level since Oct. 5.
MSCI's broadest index of Asia-Pacific shares outside Japan
was 0.5 percent higher.
Shares of Hongkong Land rose as much as 4.4 percent to the
highest since early August 2011, while CapitaLand shares gained
as much as 3.4 percent to their highest since late January last
Hongkong Land and CapitaLand have significant exposure to
the Chinese property market.
"One reason is the China portfolio is looking good. Li
Keqiang keeps talking about rural urbanisation, sending China
properties stocks soaring," said a trader.
Chinese Vice Premier Li Keqiang said urbanisation will drive
most of the country's development in the next decade, the local
media reported last week, boosting Chinese property, railway and
other infrastructure-related stocks.
The pace of activity in China's manufacturing sector
quickened for the first time in 13 months in November, a survey
of private factory managers found, adding to evidence that the
economy is reviving after seven quarters of slowing growth.
1335 (0535 GMT)
(Reporting by Eveline Danubrata in Singapore; Editing by
G.Ram Mohan; firstname.lastname@example.org)
STOCKS NEWS SINGAPORE-China Minzhong up after funds,
investors buy 10.3 pct stake
Shares of China Minzhong Food Corp Ltd jumped
after it said institutional funds and high net worth investors
had bought a 10.3 percent stake in the food processing firm from
Olympus Capital Holdings Asia at a placement price of S$0.80 per
China Minzhong shares rose as much as 6.7 percent to S$0.80
after a trading halt was lifted on Friday. Nearly 14 million
shares were traded, 1.8 times the average full-day volume over
the past 30 days.
But even after the rise, the stock was still down nearly 2
percent so far this year, lagging the 25 percent gain in the FT
ST Small Cap Index.
China Minzhong shares had plunged almost 12 percent on
Thursday after a block trade fuelled speculation that one of its
largest shareholders had sold its stake.
Olympus, a private equity fund, had invested in China
Minzhong since 2006, the company said in a statement on Friday.
"However, given the closed end nature of private equity
funds, it is a natural progression for private equity firms to
liquidate their investments post IPO and return capital to their
investors," China Minzhong said.
1224 (0424 GMT)