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Singapore shares rise, led by rebound in property stocks

Singapore shares rise, led by rebound in property stocks

Singapore shares rose Monday, led by conglomerate Fraser & Neave and a rebound in property shares.
The Straits Times Index rose 41.2 points, or 1.3 percent, to end at 3,128.9.
Fraser & Neave was the top gainer on the index, advancing 4.9 percent to S$5.35, after announcing Friday evening that it would acquire 80 percent of unlisted Singapore Logistics Investments for S$15 million.
Property shares turned in strong performances, with Keppel Land rising 4.2 percent to S$7.45, CapitaLand gaining 3.8 percent to end at S$6.90, and Allgreen Properties rising 2.4 percent to close at S$1.70.
Property shares tumbled late last week, partly on fears that an Indonesian ban on sand exports would increase construction costs. CapitaLand said at a briefing for media and analysts Monday that the ban would not hurt its business as they "had already anticipated that construction cost would rise."
United Overseas Bank, Singapore's second-largest domestic bank by market capitalization, climbed 2.7 percent to S$18.90 on continued enthusiasm for its plans, formally announced Thursday, to take a 10 percent stake in a Vietnam's Southern Bank.
Volume was 1.9 billion shares, from 2.53 billion traded Friday. Gainers outnumbered decliners on the broad exchange by 390 to 323.


Updated : 2020-11-30 04:11 GMT+08:00