Singapore shares buck downtrend in Asia

The 30-blue-chip barometer, $FTSE Singapore Straits Time Index (.STI.SG)$ , registered an increase of 0.2 per cent or 7.03 points to 3,186.61 points.

$SIA (C6L.SG)$ ’ share price soared 1.6 per cent to a three-year high of S$7 – a figure last recorded in March 2020, when the pandemic started to hit the national carrier’s passenger traffic. OCBC Investment Research analyst Ada Lim raised the target price on the airline to S$7.18 from S$6.50, counting on sustained robust air travel demand.

Property, engineering and construction group $Lian Beng (L03.SG)$ , whose privatisation offer closes on Friday after an extension a fortnight ago, was up 0.7 per cent to S$0.685 – higher than the revised offer price of S$0.68 per share. The offeror had garnered 82.4 per cent of the total issued shares as at the last update on Wednesday.