Hot stocks: Finance firms extend rally

THE share prices of Singapore's three finance companies extended their rallies on Wednesday, a day after the Monetary Authority of Singapore (MAS) said it would allow foreign takeovers of finance companies and relaxed rules to boost funding to small and medium-sized enterprises (SMEs).

At 9.56am, Singapura Finance was trading at S$1.155, up 11.50 Singapore cents, or 11.06 per cent. The stock rallied more 15 per cent on Tuesday after the MAS announcement.

Hong Leong Finance was trading around S$2.690, up 15 Singapore cents, or 5.91 per cent. Sing Investments & Finance was hovering around S$1.530, up 10 Singapore cents, or about 7 per cent.

On Tuesday, MAS said it would allow foreign takeover of finance companies. The move will accord greater flexibility to explore strategic partnerships, innovative business models that can strengthen small, medium enterprises financing business.