Sunday, Mar 1, 2015Sunday, Mar 1, 2015

Singapore index edges up; OCBC heads south for 4th day

Published on Jan 7, 2014 1:11 PM

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.

If you are not a subscriber, you can get instant, unlimited access here