Singapore stocks rise; Olam shares halted
HONG KONG (MarketWatch) — Singapore stocks extended gains Tuesday, with commercial-property developers and major banks bolstering the market after a solid advance on Wall Street. The Straits Times Index rose 0.6% to 2,968.53. City Developments Ltd. advanced 1.1%, and Oversea-Chinese Banking Corp. Ltd. added 1%. Shares of Olam International Ltd. were put on a trading halt at the company’s request as they plunged 23.2% in U.S. trading overnight, after short seller Muddy Waters LLC reportedly questioned the company’s accounting practices; the company called those allegations “baseless and unsubstantiated,” according to a Reuters report.
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