Singapore shares rose at midday on Wednesday, buoyed by overnight gains on Wall Street and a rise in Asian markets. In the afternoon session, Mapletree Commercial Trust (MACT.SI)’s trading debut will likely be the highlight of trade.
By the lunch break, the Straits Times Index (STI) <.FTSTI> was up 0.5%, or 15.93 points, at 3,187.76. The total value of shares traded in the morning session was $753.4 million, higher than the $595 million on Tuesday.
By the lunch break, the Straits Times Index (STI) <.FTSTI> was up 0.5%, or 15.93 points, at 3,187.76. The total value of shares traded in the morning session was $753.4 million, higher than the $595 million on Tuesday.
Local traders said the STI may rise more in the afternoon but gains may be capped around 3,200 points.
Keppel Corp (KPLM.SI) shares were up 2.2% at $12 on a volume of 4.9 million shares. Sembcorp Marine (SCMN) rose 1.6% at $5.76 with 2.9 million shares changing hands.
“We still like the oil and gas story. The situation in the Middle East especially in Libya is still far from being settled,” said Carey Wong, an analyst at OCBC Investment Research.
“With high oil prices here to stay, orders especially for deepwater rigs are likely to continue. The talk is that the oil price will stay above US$100 ($123.1) a barrel,” he added.
Traders said Mapletree Commercial may trade slightly higher than its offer price of $0.88 per unit as the firm offers a reasonably attractive yield from its properties in prime Singapore locations.
Shares of Osim International (OSIL.SI), best known for its massage chairs, rose as much as 3% after the firm said first quarter net profit surged 150% to $20 million from a year earlier.
At midday, Osim shares were up 2.4% at $1.70 on a volume of 6.6 million shares.
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