SingTel

SingTel is up 1.7% to $3.61, its highest level since Sep 08, turning positive after a pre-open block trade of 13m shares priced at $3.50. The block trade suggests solid institutional interest in the stock although the buying party is unknown at this stage. Another possible reason for the stock's gains is attributed to AUD strength, which will lead to currency translation gains for Optus. The stock may also be getting a boost from its plan to pay out a 9¢ dividend (going ex 6 Aug) amid the current trend towards defensive stocks. CEO Chua Sock Koong has also been making open market purchases in the past few days at price range of $3.44-3.46. The company is expected to release its 1QFY13 results on 10 Aug.