Singapore shares rose by midday, with some retail property stocks rising on a broker report, while regional markets strengthened on expectations of an improved U.S. economy.
CapitaMall Trust rose 2% and was among the top gainers in the Straits Times Index on Monday. Frasers Centrepoint was up 1%.
“Developer stocks and Singapore REITs are trading at fairly close multiples of just under one times its price to book ratio,” DBS Group Research said in a report on the Singapore property sector.
By 2:00 p.m., the Straits Times Index was up 0.35%, or 10.50 points, at 3021.18 after hitting a seven month high of 3,035.78 on Friday. The benchmark has gained 14% so far this year, helped by upbeat corporate earnings.
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