SINGAPORE (Reuters) - Hongkong Land Holdings's shares surged to their highest in more than six months, while the Singapore index inched down as an escalating selloff on Wall Street spread to Asia.
The property developer's shares rose as much as 2.4 per cent to an intraday high of US$6.85, its highest since Sept 20.
The benchmark Straits Times Index eased 0.2 per cent to 3,198.56 by midday, while MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.9 per cent.
Among other gainers, the inter-linked Jardine Matheson Holdings Jardine Cycle & Carriage and Jardine Strategic Holdings regained earlier losses from the previous day, advancing 1.5 per cent, 1.2 per cent and 0.7 per cent respectively.
"The Jardine group has a lot of business interests in Indonesia, so they're moving as a proxy to the Indonesian elections," said a Singapore-based dealer, attributing the stocks' movement to uncertainties in Indonesia's political scene.