Singapore shares rose, largely in line with regional bourses, with Myanmar-focused property developer Yoma Strategic Holdings surging after a share sale launch and U.S. President Barack Obama’s historic visit to the country.
The Straits Times Index was up 0.5% at 2,966.50 points, while MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.7% higher on hopes of a compromise in the U.S. fiscal crisis.
Yoma is raising about US$83 million ($101,5 million) in the share sale to fund the building of a luxury real estate project in the frontier market, coinciding with Obama’s visit.
Yoma shares rose as much as 14% on volume of around 79 million shares, 3.7 times the average full-day volume over the past 30 days. Yoma was the top traded stock by value in the Singapore market.
Big-cap gainers include property developer City Developments and oil rig builder Sembcorp Marine, each up more than 2%.
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