SINGTEL shares surged more than 3 per cent in unusually active trade on Friday morning, fuelling the blue chip Straits Times Index (STI) to trade higher, bucking the regional trend.
After opening at S$3.51 a share, Singtel traded higher to S$3.60, up 12 cents, or 3.45 per cent at 9:46am. A staggering 17 million shares changed hands. The STI was up 1.53 per cent, or 39.21 points, at 2,597.70. Elsewhere in Asia, Japan, Australia and Malaysia, stock markets have opened weaker.
Earlier on Friday, the telco said its Australian subsidiary, Optus, has bought airwaves in the 1800 MHz spectrum band for A$196 million (S$197 million), helping it expand its 4G high-speed network in the country. The 1800 MHz spectrum is said to the the most popular globally for 4G deployment and is compatible with the majority of 4G devices currently used in Australia.
"But honestly, I haven't heard anything that could have pushed the stock up. The volume is also a surprise," said a local broker.