Singapore stocks up at midday on us debt deal; property firms lead gains

Singapore shares rose over one percent by midday trade on Monday, led by property developers such as City Developments , as equity markets in Asia received a boost after U.S. lawmakers reached a last-minute deal to avert a default.

City Developments rose as much as 2.8 percent, buoyed by hopes interest rates would stay pat in the near term after Washington reached a deal to cut its deficit, traders said.

By 0400 GMT, the Straits Times Index (STI) was up 37.27 points at 3,226.53. The total volume of shares traded in was 852.7 million shares and turnover was S$968.5 million.

This compares with the volume of 1.05 billion shares and turnover of S$1.1 billion on Friday. Local traders said they expected gains in the STI to be capped at 3,250 this afternoon.

Source: Reuters