Singapore shares near 1-month high as Summers quits Fed bid

REUTERS - Singapore shares climbed to their highest in nearly a month, in tandem with Asian markets as the withdrawal of Lawrence Summers from the bid for the Federal Reserve's head boosted hopes for the Fed's monetary stimulus to stay longer.

The benchmark Straits Times Index rose 1.7 per cent to a near one-month high of 3,174.56, on course for its biggest daily rise in over two months. MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.3 per cent.

Industrial stocks outperformed, up 1.9 per cent, followed closely by stocks in consumer goods and real estate investment trusts (REITs) .

CapitaMalls Asia rose more than 3 per cent to a one-month high of $1.99, ahead of other property plays in the index.

"We view CMA as an indirect play on China's rising consumption trends, supported by stable income from REITs and Singapore," said Barclays in a research note, though adding the China business is facing increasing competition.

In other stocks, Ezra Holdings shares rose as much as 7.5 per cent to S$1.355, its highest in more than eight months, after jumping nearly 42 per cent in the past three sessions.