Singapore index hugs two-month highs
SINGAPORE, July 4 — Singapore shares rose for the sixth straight session, extending an impressive rally as improved confidence in risky assets stoked gains in global equities.
Southeast Asia's largest property developer, Capitaland Ltd figured among the day's biggest gainers with a 2.1 per cent rise, taking the year-to-date increase to 30 per cent.
Banks and property developers have been at the forefront of the market rally this year, supported by a robust earnings outlook and strong property demand.
The main Straits Times Index advanced 0.4 per cent to 2,957.3 by midday, after rising to the highest level since early May. Advancing stocks trounced losers 2 to 1 in the broader market. The benchmark has jumped nearly 10 percent from a five-month low of 2,698.9 hit in early June.
Southeast Asian equities have emerged as one of the best performing markets in the world so far this year as buoyant domestic spending counters struggling exports.
Asian shares rose on Wednesday, extending gains for a third straight session, as investors kept hopes high for more monetary policy stimulus to support the faltering global economy. — Reuters