Singapore shares rise for the first time in a week

PHOTO: Singapore shares rise for the first time in a week

SINGAPORE - Singapore shares rose on Tuesday for the first time in a week, in line with regional peers, though the US government shutdown, now in its second week, weighed on the market and kept investors on tenterhooks.

The benchmark Straits Times Index rose 0.3 per cent to 3,147.62 points, in line with a 0.2 per cent gain in MSCI's broadest index of Asia-Pacific shares outside Japan . "Our view that STI at 3,100 offers bargain-hunt opportunities on the presumption that US does not go into default stays valid," said analysts at DBS Vickers Securities.

The top two performers on the index included Jardine Cycle & Carriage Ltd, whose shares rose over 3 per cent, and Global Logistic Properties Ltd, which gained more than 2 per cent.

Blumont Group Ltd shares, which tumbled 85 per cent after the Singapore Exchange lifted a trading suspension on Monday, jumped 62 per cent to S$0.21, after the company named a new chairman.

Steel trader and manufacturer Albedo Ltd rose 40 per cent to S$0.042, after the company announced more details on a S$774 million takeover by a company controlled by Malaysian businessman Danny Tan in a deal that will see Albedo join international property developers buying up land in Malaysia's Iskandar region.