Singapore stocks edge higher; Noble Group plunges

Asian stocks gained as a weaker yen spurred gains in Japanese shares.

Straits Times
A trader reads a paper on the floor of the Philippine Stock Exchange in Makati City, Metro Manila. REUTERS

Singapore equities rose on the first day of trading after a long weekend but gains were tempered by a slump in commodity trader Noble Group following Fitch downgrade.

At 05:36 GMT the Straits Times Index rose to 0.4 per cent or 13 points to 3,221. It ended 0.2 percent lower on Friday with markets shut on Monday for a public holiday.

Among the gainers, Keppel Corp rose 0.8 percent after its units tied up with a co-investor to acquire an office and retail mixed-used development in China for nearly $525 million.

Leisure and hospitality services firm Genting Singapore advanced 1.4 percent. However, commodities trader Noble Group slumped 4 percent after Fitch Ratings cut company's credit rating further into junk territory. About 895 million shares worth S$467 million changed hands, with gainers outnumbering losers 202 to 179.

Asian stocks gained as a weaker yen spurred gains in Japanese shares ahead of an address by Federal Reserve Chair Janet Yellen.

West Texas Intermediate crude rallied for a fourth day following oil's drop into a bear market last week.