SINGAPORE, March 17 (Reuters) - The benchmark Straits Times Index was 0.27 percent higher as of 0300 GMT on Wednesday.
The following stocks were on the move:
** SWING MEDIA TECHNOLOGY AND EPURE CLIMB ON HK LISTING PLAN
Shares of data storage manufacturer Swing Media Technology and waste water firm Epure International rose as much as 7.7 percent and 4.9 percent respectively on plans to dual list on the Hong Kong stock exchange.
Swing Media announced on Tuesday its plans to seek a primary listing in Hong Kong, where the firm's main manufacturing operations are located. Epure renewed its plans to sell 430 million new shares at a discount of not more than 15 percent of its price in Singapore or at least S$350 million ($251 million).
'There will be potential for increased valuations and investor base,' a trader at a local bank said. 'There tends to be better valuations in Kong Kong and with the shares transferable between Hong Kong and Singapore, there is upside for the shares here to rise.'
'Epure is doing quite well with a very strong order book, so it should get more investors in Hong Kong. Swing Media however needs to make an effort to get investors to know about it, and its plans down the road,' he added.
Around 0300 GMT, Swing Media was unchanged at 6.5 Singapore cents with almost 30 million shares changing hands, making it the second most actively traded stock on the Singapore exchange. Epure was up 4.3 percent at 96.5 Singapore cents over 12 million shares traded.
** STAMFORD TYRE SOARS ON STRONG 3Q RESULTS
Shares of Singapore tyre retailer Stamford Tyre surged as much as 11 percent to 20.5 Singapore cents after the firm reported a third quarter net profit of S$2.34 million, up 34 times from a year ago.
'This is not a very active counter, but the rise in price is likely a reaction to the strong performance in the third quarter,' a local trader said.
Around 0300 GMT, Stamford Tyre was up 11 percent at 20.5 Singapore cents, with almost half a million shares traded.
(Reporting by Fabian Ng; Editing by Saeed Azhar)
((fabian.ng@thomsonreuters.com; +65 6403 5666; Reuters Messaging: fabian.ng@thomsonreuters.com)) ASIA-PACIFIC STOCK MARKETS: Japan S.Korea China Hong Kong Taiwan SE Asia Australia/NZ India OTHER MARKETS: Wall Street Gold Currency Eurostocks Oil JP bonds ADR Report LME metals US bonds STOCKS NEWS US, Europe, Asia: DIARIES & DATA: IPO diary & data U.S. earnings diary Singapore diary Eurostocks Week Ahead Asia earnings diary European diary Wall Street Week Ahead TOP NEWS: Asian companies U.S. company news European companies Forex news Global Economy Technology Telecoms Media news Banking news General/political Asia Macro A multimedia version of Reuters Top News is available at: http://topnews.session.rservices.com LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt (Local currency) LME price overview ($1=1.394 Singapore Dollar) Keywords: SINGAPORE MARKET STOCKS/SWINGMEDIA (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)) * 3000 Xtra : visit http://topnews.session.rservices.com For more information on Top News, please visit http://topnews.reuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The following stocks were on the move:
** SWING MEDIA TECHNOLOGY AND EPURE CLIMB ON HK LISTING PLAN
Shares of data storage manufacturer Swing Media Technology and waste water firm Epure International rose as much as 7.7 percent and 4.9 percent respectively on plans to dual list on the Hong Kong stock exchange.
Swing Media announced on Tuesday its plans to seek a primary listing in Hong Kong, where the firm's main manufacturing operations are located. Epure renewed its plans to sell 430 million new shares at a discount of not more than 15 percent of its price in Singapore or at least S$350 million ($251 million).
'There will be potential for increased valuations and investor base,' a trader at a local bank said. 'There tends to be better valuations in Kong Kong and with the shares transferable between Hong Kong and Singapore, there is upside for the shares here to rise.'
'Epure is doing quite well with a very strong order book, so it should get more investors in Hong Kong. Swing Media however needs to make an effort to get investors to know about it, and its plans down the road,' he added.
Around 0300 GMT, Swing Media was unchanged at 6.5 Singapore cents with almost 30 million shares changing hands, making it the second most actively traded stock on the Singapore exchange. Epure was up 4.3 percent at 96.5 Singapore cents over 12 million shares traded.
** STAMFORD TYRE SOARS ON STRONG 3Q RESULTS
Shares of Singapore tyre retailer Stamford Tyre surged as much as 11 percent to 20.5 Singapore cents after the firm reported a third quarter net profit of S$2.34 million, up 34 times from a year ago.
'This is not a very active counter, but the rise in price is likely a reaction to the strong performance in the third quarter,' a local trader said.
Around 0300 GMT, Stamford Tyre was up 11 percent at 20.5 Singapore cents, with almost half a million shares traded.
(Reporting by Fabian Ng; Editing by Saeed Azhar)
((fabian.ng@thomsonreuters.com; +65 6403 5666; Reuters Messaging: fabian.ng@thomsonreuters.com)) ASIA-PACIFIC STOCK MARKETS: Japan S.Korea China Hong Kong Taiwan SE Asia Australia/NZ India OTHER MARKETS: Wall Street Gold Currency Eurostocks Oil JP bonds ADR Report LME metals US bonds STOCKS NEWS US, Europe, Asia: DIARIES & DATA: IPO diary & data U.S. earnings diary Singapore diary Eurostocks Week Ahead Asia earnings diary European diary Wall Street Week Ahead TOP NEWS: Asian companies U.S. company news European companies Forex news Global Economy Technology Telecoms Media news Banking news General/political Asia Macro A multimedia version of Reuters Top News is available at: http://topnews.session.rservices.com LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt (Local currency) LME price overview ($1=1.394 Singapore Dollar) Keywords: SINGAPORE MARKET STOCKS/SWINGMEDIA (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)) * 3000 Xtra : visit http://topnews.session.rservices.com For more information on Top News, please visit http://topnews.reuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.