Singapore index hits near 9-month top, led by gains in property sector
SINGAPORE, April 22 (Reuters) - The Singapore index rose to its highest in almost 9 months on Tuesday, buoyed by gains in the property sector, while a rise in Wall Street stocks for a fifth day also underpinned sentiment.
The benchmark Straits Times Index edged up 0.5 percent at 3,272.44, highest since July 2013. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed, adding 0.04 percent.
Shares in property firms City Developments Ltd and CapitaLand Ltd led gains on the index, rising 2.9 percent and 1.9 percent respectively, with City Developments on course for its biggest daily gain in about a month.
Analysts said property stocks were enjoying an upside after an offer by CapitaLand last week to buy out minority shareholders in its shopping mall unit CapitaMalls Asia Ltd .
Among mid-caps, shares of property firm UOL Group climbed as much as 1.6 percent to hit a more than 5-month high of S$6.45, after the firm was awarded a tender by the Urban Redevelopment Authority for a residential site at a tender price of S$463.1 million.
UOL Group shares are trading at their highest since Nov. 18. (Reporting by Andrew Toh; Editing by Himani Sarkar)
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