SINGAPORE, April 11 (Reuters) - Hongkong Land Holdings Ltd’s shares surged to their highest in more than six months, while the Singapore index inched down as an escalating selloff on Wall Street spread to Asia.
The property developer’s shares rose as much as 2.4 percent to an intraday high of $6.85, its highest since Sept. 20.
The benchmark Straits Times Index eased 0.2 percent to 3,198.56 by 0459 GMT, while MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.9 percent.
Among other gainers, the inter-linked Jardine Matheson Holdings Ltd, Jardine Cycle & Carriage Ltd and Jardine Strategic Holdings Ltd regained earlier losses from the previous day, advancing 1.5 percent, 1.2 percent and 0.7 percent respectively.
“The Jardine group has a lot of business interests in Indonesia, so they’re moving as a proxy to the Indonesian elections,” said a Singapore-based dealer, attributing the stocks’ movement to uncertainties in Indonesia’s political scene. (Reporting by Andrew Toh; Editing by Anand Basu)