Foreigner leads price gainers on SGX

Singapore

THE biggest gainer among Singapore's stocks this year is a foreigner. Thai Beverage pcl has jumped 36 per cent to a record in 2016, benefiting from rising consumption in Thailand, where stimulus and low interest rates have driven the benchmark index to the highest level in almost a year. Singapore's equities market, by contrast, is a laggard in South-east Asia, suffering from lacklustre growth at banks, developers and oil-rig builders. Thai Beverage's return this year is almost triple that for the second-best stock in the Straits Times Index.

Malaysia's Affin Hwang Asset Management Bhd and London's J O Hambro Capital Management Ltd are buying Thai Beverage shares, convinced the stock has further to climb despite record valuations, as it offers a haven from market turmoil around the world and may benefit from any restructuring plans.