Singapore index hits 2-week high

Singapore stock market rebounded to hit a two-week high, tracking regional markets that gained on upbeat Us consumer confidence data and lingering hopes of China's stimulus. -- ST FILE PHOTO: BRYAN VAN DER BEEK
Singapore stock market rebounded to hit a two-week high, tracking regional markets that gained on upbeat Us consumer confidence data and lingering hopes of China's stimulus. -- ST FILE PHOTO: BRYAN VAN DER BEEK

SINGAPORE (REUTERS) - Singapore stock market rebounded to hit a two-week high, tracking regional markets that gained on upbeat US consumer confidence data and lingering hopes of China's stimulus.

The benchmark Straits Times index was up more than 1.1 per cent at 3,139.14 as of midday. The index fell 0.25 percent on Tuesday. MSCI's broadest index of Asia-Pacific shares outside Japan was up nearly 1.1 per cent.

Noble Group topped the index, rising as much as 4.5 per cent to an intra-day high of $1.15, highest in more than 10 months. By midday, 47.1 million shares changed hands, nearly twice the average 30-day daily trading volume.

The worst performer of the index, Hongkong Land Holdings was headed for its biggest daily loss in one week, declining 2.3 per cent to an intra-day low of $6.24.

Among small caps, Addvalue Technologies soared 188.9 per cent to a more than 10-year high of $0.182 after it agreed to sell its stake in one of its units to a Chinese company.

By midday, 143.8 million shares were traded, more than 460 times its average 30-day daily trading volume.

The mobile satellite terminals manufacturing company said late on Tuesday that it would sell 1.1 billion ordinary shares it owned in its wholly-owned subsidiary, Addvalue Communications, to a Beijing-based firm for a cash consideration of $330 million.

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