Singapore shares rose for the third day in a row after dovish
comments from Federal Reserve chairman Ben Bernanke on the U.S.
stimulus, with property firms Overseas Union Enterprise Ltd
(OUE) and CapitaLand Ltd among the biggest
The Straits Times Index rose as much as 1.6 percent
to 3,239.21 points, the highest since June 5. Asian shares, as
measured by MSCI Asia-Pacific ex-Japan index,
advanced 2.6 percent.
Shares of OUE rose to a one-month high on its plan to raise
about $480 million by listing a hospitality real estate
investment in Singapore, according to a prospectus for the deal.
OUE Hospitality Trust will sell about 682 million units at
an offer price of between S$0.88 and S$0.90 a unit to investors.
The company's parent OUE will buy the remaining 626.8 million
units, or about half the listed entity.
CapitaLand shares jumped as much as 3.9 percent, while
shares of shopping mall owner CapitaMalls Asia Ltd
gained as much as 3.8 percent.
Shares of PS Group Holdings Ltd a supplier of
fasteners such as screws and bolts, rose as much as 16 percent
above its initial public offering price of S$0.25 on its trading