Jardine Matheson +3.7%; Likely switching from strategic: Analyst

Jardine Matheson is up 3.7% at US$61.60, the best-performing STI component, in a late-afternoon surge. One analyst says the move is likely on a shift from Jardine Strategic, citing JM’s better valuations. Another analyst says the move may be due to the holiday in Hong Kong; “it’s an illiquid stock. On days when Hong Kong is closed, it’s probably easier to move it with a bid or two. JM’s October peak at US$62.90, its highest in at least 20 years, likely offers a near-term cap. JS is down 0.7% at US$34.75.