Singapore shares rise 0.6% by midday; SingHaiyi jumps after acquiring US mall

REUTERS - Singapore shares rose on Tuesday, rebounding after a fall the previous day, but investors were likely cautious as the US federal government started partially shutting down following failed budget negotiations.

The benchmark Straits Times Index advanced 0.6 per cent to 3,189.42, while MSCI's broadest index of Asia-Pacific shares outside Japan was 0.1 per cent higher.

Some of the biggest gainers on the index included warehouse operator Global Logistic Properties, which rose as much as 2.8 per cent to $2.97, the highest since May 22.

Shares of Singapore Technologies Engineering advanced 1.4 per cent.

Shares of SingHaiyi Group jumped as much as 12.5 per cent but pared some of its gains by midday. More than 423 million shares were traded, 3.7 times the average full-day volume over the past 30 days. It was the top traded stock by volume on Tuesday.

The Singapore property company said it had acquired Tri-County Mall in Ohio for US$45 million (S$56.5 million) in its first investment into the US real estate market.

Shares of Singapore-listed Chinese water treatment firm HanKore Environment Tech Group rose as much as 5.5 per cent with more than 70 million shares traded. It was among the top traded stocks by volume.

OCBC Investment Research said HanKore has plans to upgrade its projects and make acquisitions to boost growth. The stock is a municipal water treatment play and is also a proxy to urbanisation in China, OCBC said.