singapore property news

Q2 investment sales market improves

Singapore’s investment sales market in the second quarter has strengthened further, recording a 24.3 percent jump to S$7.11 billion, compared with S$5.72 billion in the first quarter this year, according to property consultancy group Colliers International.

The group said the increase in the investment sales market was largely attributed to the aggressive land acquisition activity by several property developers, acquiring nearly $3.25 billion worth of land both from the public and private sectors

It added that the total investment sales value for the first half of 2010 hit S$12.83 billion, exceeding the S$10.54 billion of sales for the whole of 2009.

Colliers is expecting more developers to continue purchasing development land, particularly for residential sites situated in outlying suburban areas. However, these developers will likely be more choosy given the huge supply and wide selection of land sites, which are available in the government’s H2 2010 GLS programme.

Collier’s report also indicated that the office property market in the country recorded a moderately strong rebound in Q2, on the back of growing concerns about large new supply.

The average gross rents per month for Grade A office space increased between five percent and seven percent. The increase came as occupancy rates tightened over micro-markets, despite the addition of over 1.5 million sq ft of Grade A office space since the second half of 2009.

singapore stock market news,singapore stock market ‘

RPT-Singapore’s NOL places $1.2 bln ship orders from Daewoo

Holland Tower, a freehold residential redevelopment site  located in District 10 has been put up for sale through a public tender by Jones Lang LaSalle (JLL).

The URA said the redevelopment of the 21,879-sq-ft site, which is zoned for residential use, can maintain its current height and can be redeveloped into a boutique residential development with 52 units of 82 sq ft with no development charge.

Holland Tower is located at 10 Holland Heights and sits in the Holland Park Good Class Bungalow Area. It has a maximum gross floor area of 43,691 sq ft and comprises a single 14-storey tower development with 19 units. It is well served by Holland Road, Queensway and Farrer Road, as well as major expressways including the AYE and the PIE.

The site is only minutes away from Orchard Road and the Botanic Gardens, and is close to the lifestyle facilities at Dempsey Cluster and Holland Village.

“With strong take up rate of residential new launches in the vicinity, this elevated site is expected to draw strong interest due to its locality, proximity to amenities and the potential to be redeveloped into a boutique development offering exclusivity and lush greenery. The site is totally unblocked as its surrounding area is prestigious landed housing under the ‘Good Class Bungalow’ segment,” said Ms. Stella Hoh, National Director and Head of Investments at JLL, which is the sole marketing agent for the property.

The public tender for the site will close on 25 August.

Buying a magic box

Let’s say for the sake of example that you do acquire this mystical item for a tidy $1500, and duly receive a crisp $100 note after 12 months (an initial yield of 6.67% as expected). The second year brings even greater rewards:

Over five years the box has increased its output by 35% paying out $135 in cash in the final year, which is an average increase of just over 6% each year. Based on your purchase price, you have received a total of $579 over the period, which is 39% of the initial purchase price. In regard to the 5th year only, you received a yield of 9% ($135/$1500). Few investors would be disappointed with this outcome.

But surely you would have still done better with a higher yielding, yet safer, investment in a bond. Not necessarily, as the box itself has value and can be sold to other eager investors…

China, the worst-performing stock market
after Greece, looks like a buy by almost any measure, according to
top-ranked analysts of the Asian nation’s shares.
   The Shanghai Composite Index’s 26 percent plunge this year,
including yesterday’s 4.3 percent slump, sent its price-earnings ratio
to 18, the lowest level versus the MSCI Emerging Markets Index in a
decade. The largest owners of yuan-denominated stocks have turned net
buyers for the first time since equities bottomed in 2008, while
international investors are paying the biggest premium in 21 months to
bet on a rally in funds that hold China’s yuan-denominated or A shares,
data compiled by Macquarie Group Ltd. and Bloomberg show.
   Morgan Stanley, BNP Paribas SA and Nomura Holdings Inc. say stocks
will rally as China’s June 19 decision to end the yuan’s two-year peg to
the dollar helps curb inflation and asset bubbles. The Shanghai index
rose 62 percent in 12 months after China last allowed a more flexible
exchange rate in July 2005.
   ”We are very bullish,” said Jerry Lou, the Hong Kong- based
strategist at Morgan Stanley, among the top-ranked analysts for China
stocks by Institutional Investor, who predicts the Shanghai Composite
may climb 65 percent to 4,000 by June 2011. “We like valuations and
inflation will peak. All we need is a catalyst such as a change in yuan
policy.”
   Prospects for a stock rebound may be cut as China’s exports face
“strong headwinds” in the second half and loan growth may slow by the
end of 2010, Citigroup Inc. said this week, even as the average of 14
economist estimates in a Bloomberg survey calls for economic growth of
10.2 percent this year and 9.2 percent in 2011.

The Conference Board yesterday revised its leading economic index
for China, contributing to the biggest sell-off in Chinese equities in
six weeks. Agricultural Bank of China Ltd., which priced the Shanghai
portion of its $20.1 billion initial share sale, also drove banking
stocks lower.
   The Shanghai Composite fell for a sixth day today, losing
0.8 percent to 2,408.46 at 10:14 a.m. Its slump this year is second only
to the 35 percent plunge in Greece’s ASE Index among the world’s 60
biggest stock markets, according to data compiled by Bloomberg.
Companies on the Shanghai gauge will increase earnings by 40 percent in
12 months, more than double the pace of the ASE, analysts’ estimates by
Bloomberg show.
   Rising profits reduced the Shanghai Composite’s valuation premium
over the MSCI emerging index to 26 percent, down from an average of 140
percent since 1997, based on weekly price- earnings ratios compiled by
Bloomberg. The last time the gap was so small in February 2000, the
Shanghai Composite gained 27 percent in 12 months, while the MSCI
measure sank 26 percent.

                      Lower Valuations

   Lower valuations spurred the biggest Chinese investors to buy last
month. Shareholders who own at least 5 percent of a company’s stock
boosted their holdings by 1.1 billion yuan ($162 million), according to
Macquarie analysts Michael Kurtz and Shirley Zhao in Shanghai, basing
their analysis on data from Wind Information. Similar purchases in
October 2008 signaled the end of the Shanghai Composite’s year-long bear
market, with the gauge rallying 82 percent from its low on Oct. 28,
2008, through October 2009.
   Yuan-denominated shares, restricted almost exclusively to local
investors, fell below Chinese stocks traded in Hong Kong this month for
the first time in almost four years, according to the Hang Seng China AH
Premium Index. When A shares last traded at a discount in November 2006,
the Shanghai Composite tripled in 12 months, outpacing a 156 percent
gain in the Hong Kong benchmark index and a 58 percent rise in the MSCI
gauge.

                      ‘Pay for Exposure’

   ”The premium between A and H shares is disappearing,”
said Hao Hong, Beijing-based global equity strategist at China
International Capital Corp., the top-ranked brokerage for China research
in Asiamoney’s annual survey. That indicates “foreign investors are
willing to pay for exposure to China’s stocks.”
   International investors pushed the price of BlackRock Inc.’s
iShares FTSE/Xinhua A50 China Index exchange-traded fund to 11 percent
above the value of its underlying assets last week, the highest level in
almost two years, according to data compiled by Bloomberg. The fund
trades in Hong Kong and tracks the 50 biggest A-share companies.
   The Shanghai Composite fell 22 percent this quarter, lagging behind
gauges in the other so-called BRIC markets of the largest developing
economies, after China raised banks’ reserve requirements to the highest
level in at least three years and curbed real-estate speculation.
Property prices rose 12.4 percent in May from a year earlier, the
second-fastest pace after April’s 12.8 percent record gain.

                        BRIC Markets

   Brazil’s Bovespa index dropped 8.7 percent during the period and
Russia’s Micex slipped 8 percent, while India’s Bombay Stock Exchange
Sensitive Index advanced 0.2 percent. The MSCI emerging gauge lost 7.6
percent.
   The New York-based Conference Board corrected its April gauge for
the outlook of China’s economy this week, saying its leading index for
the country rose the least since November, rather than registering the
biggest gain in 14 months.
   A flood of new stock may also weigh on the market, according to
Credit Suisse Group AG’s Sakthi Siva. Chinese companies will sell about
320 billion yuan ($47 billion) of new shares in Shanghai and Shenzhen
this year as they fund expansion and banks bolster capital after a
record amount of government- led lending, PricewaterhouseCoopers
predicts.
   Agricultural Bank’s share sale in Shanghai and Hong Kong is the
biggest initial public offering since Industrial & Commercial Bank of
China Ltd.’s $21.9 billion sale almost four years ago.

                      ‘Quite Cautious’

   ”I’m still quite cautious,” Siva, the Singapore-based top-ranked
Asia strategist in Institutional Investor’s 2010 poll, said in an
interview. “There’s quite a lot of supply.”
   Ending the fixed 6.83 yuan peg to the dollar should help “contain
inflation and asset bubbles,” China’s central bank said in a June 20
statement. Inflation will probably peak at 3.7 percent toward the end of
the third quarter then “level off”
the rest of the year, according to CICC’s Hong.
   Chinese authorities had prevented the currency from strengthening
against the dollar since July 2008 to help exporters cope with the
global financial crisis.
   The yuan appreciated 21 percent in the three years after a managed
float against a basket of currencies was introduced in 2005.
Twelve-month non-deliverable forwards yesterday indicate investors are
betting the yuan will strengthen 1.6 percent. A yuan revaluation won’t
happen quickly or fix all of the global economy’s imbalances,
International Monetary Fund Managing Director Dominique Strauss-Kahn
said this week.

                    Vanke, China Merchants

   China Vanke Co., the Shenzhen-based property developer that sank 37
percent this year, trades for 13 times reported profits, down from 35
times a year ago, according to data compiled by Bloomberg. Earnings
growth of 29 percent this year will help lift the stock 42 percent,
according to analyst estimates on Bloomberg.
   China Merchants Bank Co.’s 2.7 price-to-book ratio is near a record
low relative to the MSCI Emerging Markets Financials Index after the
Shenzhen-based company declined 24 percent this year. The stock is
poised to surge 49 percent in 12 months, according to analysts, who have
35 “buy” ratings and one “sell,” according to data compiled by
Bloomberg.
   Consumer-related shares will benefit from a shift in the economy to
increase domestic spending, said Leo Gao, who helps oversee about $600
million at APS Asset Management Ltd. in Shanghai, whose APS China Alpha
Fund has beaten 87 percent of peers in the past year, according to
Bloomberg data.
   ”Stocks will end the year higher,” Gao said.

Singapore’s factory output sees record rise in May

Singapore said Friday that manufacturing output surged a record 58.6 percent year on year in May as factories raced to meet robust foreign orders for electronics and pharmaceuticals.

Last month’s factory production, which eclipsed the previous record high of 49.7 percent posted in April, was almost double the 32.1 percent forecast in a Dow Jones Newswires’ poll of analysts.

The monthly data from the Economic Development Board (EDB) said factory production in May was boosted by electronics and biomedical which includes pharmaceuticals.

Electronics output rose an annual 51.8 percent while biomedical manufacturing expanded 117 percent with the main boost coming from a 121.8 percent jump in pharmaceuticals, the EDB said.

For the other sectors, chemicals surged 19.6 percent, precision engineering rose 40.5 percent and transport engineering increased 0.3 percent.

Overall manufacturing output was up 45.1 percent in the January-May period, the EDB said.

Economists said the latest data suggested the government may have to revise its 2010 growth targets of 7.0-9.0 percent amid signs the economy is recovering strongly from last year’s slump.

“Another revision is on the cards despite the uncertainties in Europe and whether the US enters into a period of jobless recovery,” said Song Seng Wun, a regional economist with CIMB equity research house.

“The lion (Singapore economy) is charging ahead… Nine percent will be an underachievement with the kind of numbers we have got,” he told AFP.

Singapore’s monthly factory data is a barometer of how its economy is doing as the bulk of output from the sector is shipped out either as final goods or as components to foreign factories.

The economy shrank 1.3 percent last year as exports declined sharply amid the global downturn, which hit Singapore’s major markets, particularly the US, hard.

Oversea-Chinese Banking Corp
Result note - All engines firing - by Kenneth Ng CFA
(OCBC SP / OCBC.SI, OUTPERFORM - Upgraded, S$8.59 - Tgt. S$10.00,
Financial Services)

We upgrade OCBC to Outperform from Neutral. 1Q10 results (S$676m) beat our
expectations (S$510m) and the Street’s (S$515m) by a mile, as every area
outperformed. Net profit was 34% of our full-year estimate and 31% of
consensus. The strong performance stemmed mostly from improving macros,
but much could also be attributed to the benefits of its IAPB (ING Asia
private banking) acquisition. We believe this franchise will differentiate
OCBC from the other two banks going forward. Given the YTD outperformance
of UOB and underperformance of OCBC, we have replaced UOB with OCBC as our
top pick in the sector. We raise our FY10-12 earnings forecasts by 2-12%
to factor in higher revenue assumptions. Following our earnings upgrade,
our target price rises from S$9.38 (based on 1.67x P/BV) to S$10.00, still
based on Gordon Growth methodology (1.77x CY10 P/BV; 3-year ROE 11.7%, COE
8.68%, growth 4.65%). We like the results very much and see clear drivers
in place for OCBC to grow in this environment. As a result, upgrade to
Outperform.

Singapore Stock Market news,Singapore Stock Market ,Singapore StockMarket

Over 30 units at Marina Bay Suites were sold during its preview yesterday. They were among a batch of 36 apartments launched on nine floors in the 66-storey condo development and which are priced between $2,167 psf and $3,133 psf.

Several analysts observed that the selling price is about 15 percent to 20 percent higher than the initial batch of around 90 units, which went for $1,900 psf to $2,600 psf late last year.

Some prospective buyers may have found the quantum of price hike, taking place in less than six months, “a bit too heavy”, as one market watcher said.

A four-bedder-with-study on the 51st level was the most expensive unit sold yesterday at about $8.4 million, while a three-bedroom apartment on the seventh storey was the “cheapest” of the 36 apartments, changed hands at $3.5 million.

The 90-odd units sold in 2009 were mostly below the 46th storey sky terrace.

Those who snapped up a unit during the preview are said to comprise a good mix of local and foreign buyers. The 36 apartments offered at Marina Bay Suites range from 1,615 sq ft for a three-bedder to 2,690 sq ft for a four-bedder with study.

The 221-unit Marina Bay Suites is comprised of three penthouses and 218 three- or four-bedroom apartments. A typical floor is comprised of only four apartments with private lift lobbies in every unit. Each penthouse has its own swimming pool.

While the previous sales was held on the mezzanine level of One Raffles Quay, the yesterday’s preview of the project, which is being marketed by DTZ and CBRE, were at a showflat built on the fourth floor of the Marina Bay Financial Centre Office Tower 1.

The latest preview was open to those who had expressed interest. Sales will be by appointment starting today.

Marina Bay Suites is being developed by a consortium controlled by Hongkong Land Holdings, Cheung Kong Holdings and Keppel Land.

Ho Bee Investment’s net profit up 11.8% in Q1

Property developer Ho Bee Investment reported a net profit of $41.7 million for the first quarter ended 31 March 2010, up 11.8 percent compared with the same period in 2009.

The increase from $1.9 million to $10.8 million was mainly attributed to a surge in share of profit of jointly controlled entities, of which the joint-venture project Parvis at Holland Hill was the main contributor.

Group turnover for Q1 2010 dropped 16.1 percent year on year to $92.4 million –primarily due to lower recognition of revenue from property development.

Ho Bee enjoyed higher revenue recognition in Q1 2009, as two projects, Quinterra and Vertis, obtained Temporary Occupation Permit in that period.

According to Chua Thian Poh, chairman and CEO of Ho Bee, the group has benefited from the robust property market sentiment and economic recovery.

“Our residential projects, Trilight, located at Newton Road, and the JV project with MCL Land, Parvis, at Holland Hill, have sold very well. The progressive recognition of income from the residential projects sold will be a significant contributor to the group’s profitability for 2010,” he said.

In Q1 2010, Ho Bee sold 198 residential units in various projects - Parvis, Trilight, Orange Grove Residences, Dakota Residences, Seascape and The Orange Grove. As at end-March 2010, about 17 percent of the group’s 151-unit Seascape condominium at Sentosa Cove changed hands, although this has since improved to 21 percent.

Cash and cash equivalents contracted to $52.4 million at end-March 2010 from $171.7 million at end-Dec 2009, as the developer put a deposit for its share for the acquisition of a prime residential site in Shanghai’s Qingpu district and repaid term loans of $104.7 million. Ho Bee has teamed up with Yanlord Land Group for the acquisition.

Ho Bee posted earnings per share of 5.66 cents in Q1 2010, up from 5.07 cents over the same period in 2009. Net asset value per share also increased to $1.68 at end-March 2010 from $1.63 at end-Dec 2009.

On the stock market yesterday, the counter closed two cents higher at $1.66.

HDB quarterly resale prices hit new record but analysts say prices stabilising

SINGAPORE: HDB resale prices have hit a fresh record in the first quarter of this year rising by 2.8 per cent compared with the previous quarter. But the latest figures show signs of a market that’s finally stabilising after months of runaway prices.

Some analysts expect demand to continue to rise in the next few months but said cash premiums are unlikely to go much higher than the current median of S$25,000.

The official figures confirm estimates released earlier this month.

Resale transactions have dipped by about five per cent while median cash premiums, or COVs, have risen at a much slower pace than in previous quarters.

They went up S$1,000 in the last three months compared to the jump of S$12,000 between the third and fourth quarters last year.

They now stand at S$25,000, with flats in Bishan fetching the highest COVs, of about S$32,000.

Strong demand for newer estates has also translated into high premiums.

Towns like Punggol and Sengkang are seeing premiums of about S$30,000.

Eugene Lim, associate director, ERA Asia Pacific, said: “If you compare Punggol, Sengkang prices vis—a—vis mature HDB estates, they are still cheaper. Even though with high COVs of around S$30,000, you find that S$30,000 actually is the average COV nowadays for most flats. So, if you’re paying thereabouts, why not get something newer versus something older?

Analysts said measures to cool the market have worked including the launch of more HDB projects.

Other measures include restricting the cash portion of the second concessionary home loan, channeling the loan through the buyer’s CPF account.

Moving forward, ERA’a Eugene Lim said the government may consider further measures to ease demand.

And while some observers say possible interest rate increases later this year will hit buyers’ pockets, others disagree.

Jeffrey Hong, executive director, HSR International Realtors, said: In general they don’t look at, At the end of 30 years of loan, how much do I actually pay for my flat? The first—time buyers are more concerned about how much they pay on a monthly basis. So if the increase in the interest is not much, the increment of the monthly payment is probably S$20 to S$50 a month more.”

In the rental market, demand between January and March increased sharply, with transactions up 69 per cent over the previous quarter.

The HDB said subletting transactions went up from 3,902 in the last three months of 2009, to 6,606 cases.

Analysts said this is partly driven by foreigners returning to Singapore to work as the economy improves.

However, rents remain relatively stable, with median prices for four— and five—room flats hovering just under S$2,000 a month.

Analysts said this is partly driven by foreigners returning to Singapore to work as the economy improves while the HDB said the spike is also due to an increase in renewals of rental flats.

In the last three months, 2,323 flatowners applied to continue renting their flats, 19 per cent more than the previous quarter.

The HDB added that more homeowners are also aware that they have to apply to the HDB for approval which could add to the increase.

However, rents remain relatively stable with median prices for four— and five—room flats hovering just under S$2,000 a month.

ERA’s Eugene Lim said strong demand will not likely translate into escalating rents because the supply of flats that can be subletted is high.

Under HDB rules, flats can be sublet after a minimum of three years.

But analysts said there is no similar jump in demand in the private rental market, suggesting that rental budgets remain low.

In the private residential market, prices were up 5.6 per cent, marginally higher than the 5.1 percent hike initially estimated.

Singapore
What’s Relevant
Singapore benchmark index, the Straits Times Index closed down 42pts
yesterday. Market turnover amounted to 2.3bn units worth S$1.96bn. The big
drag that constitute to the decline was CapitaLand. Sentiments will
outweigh fundamentals at this point in time. As of writing, the Aussie and
Japanese indices are already down close to 2%, suggesting that more
selling pressure ahead when the Singapore market opens this morning.
 
Corporate news
Parkway Hospitals Singapore has teamed up with Overseas Assurance Corporation, a
wholly-owned subsidiary of Great Eastern Holdings, to create a
post-surgical care insurance policy which is said to be the first of its
kind in Singapore.
SIA Engineering Company Limited (SIAEC) today announced that its special-purpose wholly-owned subsidiary,
SIAEC Global Private Limited, has signed a Memorandum of Understanding
(MOU) with Gulf Technics to set up and operate a facility in Bahrain for
the maintenance, repair and overhaul (MRO) of aircraft. Gulf Technics is a
wholly-owned subsidiary of Mumtalakat Holding Company, the investment arm
of the Kingdom of Bahrain, and a sister company of Gulf Air.
Sinotel Technologies has proposed to place up to 28m new shares at S$0.5755 each. The placement
price represents a discount of about 10% to the weighted average price of
trades done on 20th Jan. The placement shares will represent about 8.3% of
Sinotel’s enlarged share capital. UOB Kay Hian Pte Ltd is the placement
agent.
 
Trades for the Day
Technically?
Ezra Holdings (EZRA SP; S$2.37 ? SELL) ?The long term uptrend for Ezra is still intact but after hitting high of
S$2.63, it formed a bearish engulfing candle.
Marco Polo Marine (MPM SP; S$0.56 ? SELL) ? Technical indicators are calling for more downside first. It could soon
test its S$0.525, its 30-day SMA and S$0.50, its 50-day SMA.
Otto Marine (OTML SP; S$0.49 ? SELL) ? Since the stock rallied in a parabolic manner, this sharp rise is usually
not sustainable in the long term.

NOL

NOL is another top volume stock that has been spiking steadily this first week of the year.

At S$1.82 as at the close of today’s first half trading session, the leading global container shipping line gained another 7 cents overnight, continuing its 10.3%-surge from S$1.65 at the end of last year.

Deutsche Bank upgraded the stock to “Buy” yesterday, and raised its 12-month target price to S$2.04 per share.

The analysts, Joe Liew and Sky Hong, are forecasting an operating loss of US$362.9 million for FY2009 but believe that earnings recovery momentum has improved and upped their forecast of FY10 operating profits to US$234.2 million.

The following key industry catalysts were highlighted:
(1) Demand recovery from restocking in US/Europe
(2) Continued freight rate rises especially after the annual Transpacific contract negotiations in May
(3) Newbuild supply coming in below expectations on the back of order cancellations and delivery delays.

Healthway Medical

Market darling Healthway was up another cent (5.7%) overnight on top volume, continuing its steady rise from 13 cents just last week.  That’s a 42% gain in just one week!

At 18.5 cents, the stock still has upside of 51%, based on DMG’s 28-cent target issued on Mon (4 Jan).

Healthway currently operates the largest private network of medical centres in Singapore, providing primary care, dentistry and specialist services, but has clear plans to expand in China all the way to 2015.

By 2013, it plans to double the total number of its clinics in Singapore and China to 120.

The integrated healthcare player is proposing a rights issue to fund its investment in medical centers in China. 

Net proceeds of about S$19.8 million will be raised from a rights issue at 7.5 cents per share on the basis of one new share for 5 shares held.

Water Stocks
 

SINOMEM and EPURE were among the top volume stocks this morning, after Epure announced in the wee hours this morning of its plans to have a dual primary listing in Hong Kong.

As at the first half of today’s trading, Sinomem gained 5% and closed at 61 cents while Epure gained 7.3% and closed at 88.5 cents.

United Envirotech inched up 0.5 cents to 33.4 cents.

Not all water stocks were spurred, however.  Asia Environment was down one cent, at 31 cents while Hyflux was down 4 cents, at S$3.58

Singapore, EU agree to start FTA talks,singapore stock market news,singapore stock market

Singapore and the European Union (EU) have agreed to begin talks for a free trade agreement (FTA), the Southeast Asian state said Tuesday. The FTA discussions with the EU, Singapore’s largest trading partner, should boost prospects for a similar accord between the region and Europe in the future, the ministry of trade and investment said in a statement. “The FTA will contribute to regional economic integration by paving the way for an EU-ASEAN FTA,” it said in the statement. Negotiations for an FTA between the Association of Southeast Asian Nations (ASEAN) and the EU were temporarily halted early this year, largely because of disagreements over the scope of the proposed accord. “The EUs decision to proceed with a bilateral FTA with Singapore is a positive development,” Lim Hng Kiang, the minister for trade and industry, said in the statement. “It demonstrates the importance of this region. As the EUs first FTA with an ASEAN country, this will be a milestone agreement which will lay the ground for an even closer relationship between the EU and ASEAN,” he said. Singapore’s total trade with the EU was worth 78.6 billion Singapore dollars (57 billion US) in the first 11 months of 2009 which represents 11.6 percent of its total trade, the ministry said. Singapore, a small, trade-dependent nation, has signed FTAs with various trading partners, including the United States, Japan and Australia.

singapore stock market news,singapore stock market ,RPT-GLOBAL MARKETS-Asian shares edge up, dollar off highs,singapore stock market news,singapore stock market .sgx news,

Asian shares edge up in slow trade, Tokyo closed

* Dollar comes off highs as traders digest recent gains

* Oil slightly up, awaiting weekly inventory data

By Yoo Choonsik

SEOUL, Dec 23 - Asian shares edged higher on Wednesday led by a spurt in Australian stocks to a three-week high, while the U.S. dollar came off highs as traders digested recent steep gains.

Oil prices ticked higher amid expectations in a Reuters poll that U.S. weekly inventory data will show a draw down in crude stocks of nearly 1 million barrels, but the dollar’s rally is keeping a lid on the market’s upside potential.

The U.S. dollar hit a two-month high of 91.86 yen <JPY=> in early Asia trade, before edging back. But the currency remains in demand even after jumping more than 8 percent in less than a month against the Japanese currency. [ID:nSGE5BL0H7]

Australian stocks <.AXJO> rose as much as 0.8 percent to a three-week high, helped by miners such as BHP Billiton Ltd <BHP.AX>, pushing the MSCI index of Asia Pacific stocks traded outside Japan <.MIAPJ0000PUS> up by 0.2 percent.

In Australia, Gloucester Coal <GCL.AX> jumped more than 25 percent higher after rival Macarthur Coal <MCC.AX> offered to buy the company in an all-share deal for $591 million. The shares resumed trading on Wednesday after being halted a day earlier pending the bid.

Key stock indexes in Hong Kong <.HSI>, Singapore <.FTSTI>, Taiwan <.TWII> and South Korea <.KS11> were all modestly higher on the day. Tokyo’s stock market was closed for the Emperor’s birthday holiday, dampening activity in the region.

Spot gold <XAU=> was quoted $1,086.65 an ounce at 0232 GMT, bouncing back after touching a seven-week low of $1,074.10 in New York trade overnight.