Singapore index rises; Fraser and Neave outperforms

Last Updated: Mon, Oct 28, 2013 05:40 hrs

Oct 28 (Reuters) - Singapore shares rose on Monday after strong corporate earnings drove up Wall Street, with property and drinks conglomerate Fraser and Neave Ltd outperforming the market.

F&N shares rose as much as 3.3 percent to S$5.87, the highest in more than three months. The company said on Sunday it had received a conditional "eligibility-to-list" from the Singapore Exchange for the listing of its property arm, Frasers Centrepoint Ltd.

Frasers Centrepoint is expected to be one of the largest listed property companies on the Singapore bourse by market capitalisation, it said in a statement.

The benchmark Straits Times Index rose 0.3 percent to 3,213.39, while the MSCI's broadest index of Asia-Pacific shares outside Japan was 0.8 percent higher on Monday.

The top two traded stocks by value were palm oil company Golden Agri-Resources Ltd and casino operator Genting Singapore Plc. Golden Agri shares jumped as much as 2.7 percent, while Genting advanced 2.3 percent.

Shares of Hi-P International Ltd fell as much as 3.6 percent after the electronic components supplier said it expects to miss the profit forecast it made earlier.

The company expects a similar profit in the third quarter of its 2013 fiscal year compared with a year earlier, instead of a higher profit that it previously forecast. This is mainly due to an inventory provision of around S$4.4 million ($3.6 million) as a result of a decrease in orders from one of its existing customers.

Logistics provider Sky One Holdings Ltd plunged 91 percent before trading in its shares was halted. The Singapore Exchange had queried the "substantial decrease" in the price of its shares on Monday.

More from Sify: