Singapore index edges up; OCBC heads south for 4th day
SINGAPORE (Reuters) - Oversea-Chinese Banking Corporation was headed for a fourth straight session of falls after the company said it is in talks to acquire Hong Kong's Wing Hang Bank, while the Singapore index rebounded after a two-day losing streak.
The benchmark Straits Times Index gained 0.2 per cent to 3,131.26 points by midday, while the MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2 per cent.
OCBC shares fell as much as 1.4 per cent to a near one-month low at $9.73, on concerns about the high price tag of the deal.
More than 11 million shares were traded, three times its average 30-day full-day volume.