Bulls And Bears

STI rises for third day amid market cheer

F J Benjamin queried over 36% surge; markets unfazed by prospect of fresh German polls

Local shares racked up a third straight day of gains as optimism continued to make its presence felt across the market.

The Straits Times Index added 36.79 points, or 1.09 per cent, to end the day at 3,423.38.

The market was bubbly when it opened in the morning, before coming down a tad after lunchtime.

Fashion retailer F J Benjamin Holdings was slapped with a query by the bourse operator. Its stock jumped by 2.5 cents, or an eye-catching 36.2 per cent, to 9.4 cents.

The company responded that it was not aware of any possible explanation, besides a proposed renounceable non-underwritten rights-cum-warrants issue announced last month.

Yoma Strategic Holdings, which is selling shares in MM Myanmar to the Catalist-listed SHC Capital Asia, was up by 1.5 cents, or 3.09 per cent, to 50 cents.

Yanlord Land Group, which managed to sell all 636 apartments in the latest phase of a project launch in Nanjing in just one day, added three cents, or 1.77 per cent, to $1.73.

Keppel Corporation shrugged off news that a planned disposal of its stake in a China marina project is being blocked by a minority shareholder.

The counter put on 12 cents, or 1.63 per cent, to $7.49.

OUE Hospitality Trust, which OCBC Investment Research singled out as "most positive" compared with the other hospitality Reits it covers, added 1.5 cents, or 1.85 per cent, to 82.5 cents.

Commodities giant Wilmar International, fresh off a deal to buy Cargill's edible oil facilities in Kuantan, rose one cent, or 0.32 per cent, to $3.15.

OUE Lippo Healthcare added 0.4 cent, or 3.25 per cent, to 12.7 cents. It had earlier responded to media reports that it would be selling a prime parcel of land in Kuala Lumpur.

UOL Group, after raising its stake in United Industrial Corporation (UIC), rose 23 cents, or 2.64 per cent, to $8.96.

UIC itself also ended higher, by two cents or 0.61 per cent, at $3.32.

However, Haw Par Corporation, which sold its UIC shares to UOL, fell 29 cents, or 2.5 per cent, to $11.31.

New Wave Holdings was also down after news on Monday that no bids were received at the close of the tender for the collective sale of Jalan Besar Plaza, where it owns office space.

New Wave shed 0.1 cent, or 6.67 per cent, to 1.4 cents.

Singapore Technologies Engineering lost one cent to $3.28.

Its aerospace arm has landed a 15-year maintenance contract for Bahrain flag carrier Gulf Air's new Boeing 787 fleet, but the planes are set to arrive only from the second quarter of next year.

Markets elsewhere rallied in spite of the prospect of new elections in Germany.

The Nikkei, Hang Seng, Shanghai and Seoul markets all made gains.

A version of this article appeared in the print edition of The Straits Times on November 22, 2017, with the headline 'STI rises for third day amid market cheer'. Print Edition | Subscribe