STOCKS NEWS SINGAPORE-Index up on Bernanke comments; OUE, CapitaLand

STOCKS NEWS SINGAPORE-Index up on Bernanke comments; OUE, CapitaLand gain

Last Updated: Thu, Jul 11, 2013 05:30 hrs

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 gainers.

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 debut.

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