Singapore shares rose, largely in line with regional bourses, with Myanmar-focused property developer Yoma Strategic Holdings Ltd surging after a share sale launch and U.S. President Barack Obama’s historic visit to the country.
The Straits Times Index was up 0.5 percent at 2,966.50, while MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.7 percent higher on hopes of a compromise in the U.S. fiscal crisis.
Yoma is raising about $83 million in the share sale to fund the building of a luxury real estate project in the frontier market, coinciding with Obama’s visit.
Yoma shares rose as much as 14 percent on volume of around 79 million shares, 3.7 times the average full-day volume over the past 30 days. Yoma was the top traded stock by value in the Singapore market.
Big-cap gainers include property developer City Developments Ltd and oil rig builder Sembcorp Marine Ltd, each up more than 2 percent.