SGX climbs 1% tracking strong Asia; Lenders advance

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.9 percent which has not been seen since late 2007.


Singapore stocks jumped on Monday, tracking gains in Asia following a record-breaking Wall Street session, as investors shrugged off the latest North Korean missile test and hoped for a peaceful resolution.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.9 percent to reach heights not visited since late 2007.

For markets, this week's main event will be the Federal Reserve's policy meeting on Tuesday and Wednesday, where it is likely to take another step toward normalisation on what is rapidly becoming a global trend, Reuters reported.

At 0600 GMT, the Straits Times Index climbed 1 percent or 32 points to 3,242. It ended 0.35 percent lower on Friday, taking the year-to-date performance to about 11 percent.

The index was also helped by August non-oil domestic exports (NODX) surging from a year earlier at their strongest pace in six months, led by solid shipments of electronics and robust
sales to China, data showed.

Among the lenders, Oversea-Chinese Banking Corp gained 1.2 percent , DBS Group Holdings rose 2 percent and United Overseas Bank advanced 1.5 percent.

Singapore's largest lender DBS Bank said it appointed Mark Troutman as group head of sales for the bank's global transaction services unit.

Shares in Pavillon Holdings, an operator of seafood restaurants chain, rose 2 percent after saying its unit acquired commercial properties in Malaysia for 52 million Malaysian ringgit (S$16.7 million).

Indonesia-focused coal miner BlackGold Natural Resources on Monday said it entered into a agreement with various parties to form a consortium for the development of a coal-fired power plant in Indonesia. Its shares advanced 3 percent.

About 1 billion shares worth S$647 million changed hands, with gainers outnumbering losers 241 to 142.