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
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
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
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.