SGX

SGX rose 3.4% yesterday for its biggest advance since Oct ’11, with 8m shares traded, for its highest single-day volume in the past 12 months. SGX has since released a clarification that it is not aware of any info not previously announced that could explain the unusual trading activity of its shares. The rise in share price could however be partly attributed to a Buy reiteration by a foreign broker, which raised its TP to $9.50 from $8.80. SGX currently trades at 24.1x forward P/E, which is in-line with its regional peers.