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STOCKS NEWS SINGAPORE-Index rises; OSIM near 6-1/2-yr high

Source : REUTERS
Last Updated: Mon, Mar 25, 2013 04:01 hrs

Singapore shares rose on Monday after Cyprus and the European Union agreed to a plan to resolve the island's financial crisis.

The Straits Times Index was up 0.5 percent at 3,275.13 points, while MSCI's broadest index of Asia Pacific shares outside Japan gained 1 percent.

Shares of massage chair maker OSIM International jumped 2.4 percent to S$1.95, the highest since Oct. 2006. About 1.9 million shares were traded, 1.6 times the average full-day volume over the past 30 days.

DBS Vickers said that OSIM's quarterly results from the first quarter of 2009 to the fourth quarter of 2012 have shown that its earnings growth has been sustainable.

"OSIM is a beneficiary of the rising middle class population in China, with 56 percent of revenues originating from North Asia," DBS said. "OSIM now creates demand by innovating new products to target new market segments."

1150 (0350 GMT)

Reporting by Teo Jion Chun; Editing by Anupama Dwivedi (teo.jionchun@thomsonreuters.com)(+6564035659)(Reuters Messaging: teo.jionchun.thomsonreuters.com@reuters.net)




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