Singapore index rises on banks, OCBC up after acquisition
Singapore shares extended their winning streak, supported by gains in banks, with Oversea-Chinese Banking Corp Ltd up 1 percent after it struck a deal to buy Wing Hang Bank .
The benchmark Straits Times Index gained 0.4 percent to 3,201, its highest in nearly five months, and up for the fifth day in a row. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.08 percent.
OCBC was in the spotlight after it made an offer to buy Wing Hang Bank for $4.95 billion, in a deal that would give the Singapore lender a much sought-after gateway to the Greater China region.
More than 7.3 million shares of OCBC were traded as of 0530 GMT, double the 30-day average trading volume. The acquisition offer was lower than expectations, with sources previously estimating the deal could be worth $5.3 billion. Shares in DBS rose 1.4 percent and UOB ticked up 0.4 percent.
Among small caps, shares in LionGold Corp Ltd eased, with nearly 51 million shares traded, double the average 30-day volume. The company said its CEO had resigned, citing health reasons. LionGold was embroiled in a penny stock scandal in October. (Reporting by Andrew Toh; Editing by Anupama Dwivedi)
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