Singapore shares on track for biggest gain in 1 month

SINGAPORE (Reuters) - Singapore stock index rose about 1 per cent on Monday, on course for its biggest daily gain in more than a month, as regional markets shook off the gloom from weak Chinese manufacturing data.

The benchmark Straits Times index rose about 1 per cent to 3,103.05 as of midday, after finishing the previous week nearly flat. MSCI's broadest index of Asia-Pacific shares outside Japan was up nearly 0.5 per cent.

Conglomerate Jardine Matheson Holdings led the index, rising as much as 4.8 per cent to an intra-day high of $58.20, putting it on track to its biggest daily gain in more than three weeks.

Its subsidiary Jardine Strategic Holdings rose nearly 2.4 per cent.

Among small caps, shares of Albedo rose more than 23 per cent when trading resumed on Monday, after it said the proposed acquisition of the company by Malaysian businessman Danny Tan had not been aborted.

However, Albedo said Tan's Infinite Rewards Inc had requested the agreement to be mutually terminated.

Trading in the stock was suspended last week after a Malaysian daily reported that Tan has pulled out of talks to buy Albedo.