Singapore shares closed slightly lower on Monday, but
Rowsley Ltd jumped over 80 percent after the company
announced a S$581 million ($475.9 million) deal that will
transform it into a property player in Malaysia's Iskandar
The Straits Times Index was down 0.05 percent at
3,161.97 points, while MSCI's broadest index of Asia-Pacific
shares outside Japan was 0.1 percent higher. The
Singapore market closed after half a day of trading on Christmas
Shares of Rowsley, an investment holding firm controlled by
Singapore billionaire Peter Lim, jumped as much as 88 percent to
S$0.265, the highest since end-July 2007.
More than 249 million shares were traded, 10 times the
average full-day volume over the past 30 days. Rowsley was the
top stock by value and volume in Singapore on Monday.
"Peter Lim is a famous name, and there is a lot of demand
for the property in Iskandar because of the future development
there," said a Singapore trader.
Iskandar, an economic zone three times the size of
Singapore, has been drawing investments from firms looking for
cheaper land and labour while remaining close to the wealthy
Southeast Asian city-state.
Singapore Telecommunications Ltd, Southeast Asia's
largest telecommunication company, was the biggest decliner on
the index. SingTel shares closed 2.35 percent, or 8 Singapore
cents, lower after a dividend payout of 6.8 Singapore cents per
1251 (0451 GMT)