SGX hits two-year high; Koda gains after profit outlook – Ang Kwan




trader

Trader works at a DBS branch in Singapore. Reuters

Singapore shares rose for a second consecutive session to hit a near two-year high, led by financial stocks.

Singapore’s non-oil domestic exports grew faster-than-expected in June from a year earlier on continued growth in electronics shipments as well as a rebound in non-electronic products.

Asian stocks rose, with the MSCI’s broadest index of Asia-Pacific shares outside Japan up about 0.4 percent.

The Straits Times Index gained 0.33 percent or 11 points to 3,298. It ended 1.6 percent higher on Friday, taking the year-to-date gains to 14 percent.

Lenders topped the gainers list: DBS Group Holdings rose as much as 1.8 percent, while United Overseas Bank hit a more than two-year high.

Shares of furniture maker Koda jumped as much as 17 percent after the Singapore-based firm said it expects fiscal 2017 net profit to exceed that from a year earlier.

But Singapore Press Holdings declined about 3 percent after its third quarter net profit slumped 45.2 percent.

About 2.3 billion shares worth S$1.3 billion changed hands, with gainers outnumbering losers 261 to 181.



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