Singapore shares climb while other Asian markets put in mixed performance

Singapore shares advanced, helped by overnight gains from Wall Street and European markets, even as Greece’s prime minister Alexis Tsipras reiterated his stance and urged voters to reject a bailout deal with international creditors in a referendum on Sunday. Meanwhile, other Asian stock markets put in a mixed performance today.
At 10:29am (0229 GMT), the Straits Times Index gained 0.25% to 3,339.62. Market breadth was positive, with 159 gainers outpacing 108 decliners.

DBS Group Holdings, United Overseas Bank, Singapore Telecommunications, Global Logistic Properties, and Oversea-Chinese Banking Corporation were among the most active stocks in the market.

Among top gainers were Jardine Strategic Holdings, Singapore Airlines, and United Overseas Bank, while Isetan (Singapore), ComfortDelGro Corporation, and Jardine Matheson Holdings led decliners.

China Fibretech surged 14.4% to $1.35. The company, which is engaged in the processing, dyeing, and finishing of fabrics, responded that it was not aware of any reasons after being queried by the Singapore Exchange (SGX) regarding unusual trading activity in its shares. SGX has advised potential investors to trade with caution in China Fibretech’s shares.

TIH Limited rose 2.1% to 73 cents. The investment holding company is investing US$1 million in Atlantic Pearl Limited (APL), a company which has been set up solely for the purpose of participating in a deal relating to food manufacturing in Indonesia.

Lippo Malls Indonesia Retail Trust gained 1.4% to 37 cents. The REIT, which invests in retail-related real estate in Indonesia, has obtained a $200 million term loan facility to refinance existing debt and for working capital and general funding purposes.

Ascott Residence Trust traded flat at $1.29. The REIT, which invests in serviced residences or rental housing properties, is acquiring the 411-key Element New York Times Square West hotel located in Midtown Manhattan for US$163.5 million ($220.7 million). The accretive acquisition at an EBITDA yield of 6.2% is expected to increase the REIT's distribution income in FY2014 by US$0.8 million, translating to a rise in distribution per unit from 8.44 cents to 8.51 cents on a pro forma basis.

Figtree Holdings traded flat at 14.1 cents. The designer and builder of commercial and industrial facilities has secured a $65 million contract to design and build a state-of-the-art logistics hub in Singapore.

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