Singapore index rises after two days of losses

viernes 21 de marzo de 2014 01:37 GYT
 

SINGAPORE, March 21 (Reuters) - Singapore shares rose on Friday after two days of losses, tracking other markets in the region that attempted to regain balance after scares about the possibility of an earlier-than-expected rise in U.S. interest rates.

The benchmark Straits Times Index was up 0.6 percent at 3,075.6 as of 0521 GMT in thin trading. Turnover was just a quarter of the 90-day daily average by mid-day.

The gain was not enough to recoup the losses made on Wednesday and Thursday, and the index was little changed from a week earlier.

Asian markets gained some confidence after Wall Street shook off concerns about Federal Reserve policy. MSCI's broadest index of Asia-Pacific shares outside Japan added nearly 0.5 percent.

Real estate stocks, including City Development Ltd and Hongkong Land Holdings Ltd, led the rebound. The real estate index had dropped to a six-week low in the previous session.

Golden Agri-Resources Ltd was the worst performer. It fell 0.87 percent to an intra-day low of S$0.57, its lowest in more than two weeks. Malaysian palm oil futures ended lower on Thursday as poor export data stoked concerns of dwindling global demand for the oil.

Shares of CapitaLand Ltd fell 0.74 percent to an intra-day low of S$2.70. It announced on Friday that it would divest its 30 percent interest in rental housing property in Japan for a cash consideration of about S$9.1 million. (Reporting by Brian Leonal; Editing by Subhranshu Sahu)