CapitaMalls Asia, Singapore’s largest mall operator, had the biggest gain since going public in 2009 after CapitaLand Ltd. offered to buy the rest of its mall unit to consolidate some businesses and boost returns.
Indonesian stocks had the biggest drop since August and the rupiah weakened by the most in three weeks after Jakarta Governor Joko Widodo’s party received less support than expected in parliamentary elections.
Jardine Cycle & Carriage Ltd., an automotive distributor that gets about 93 percent of its revenue from Indonesia, tumbled after early results showed the opposition party favored by investors in the southeast Asian nation failed to win enough support to rule on its own.
A unit of Singapore’s state-owned investment company offered to take over Olam International Ltd. in a deal that values one of the world’s top three coffee and rice traders at S$5.3 billion ($4.2 billion).
Indonesia’s best start to an earnings season in six years is adding fuel to Asia’s second- biggest stocks rally as forecasters from Credit Suisse Group AG to JPMorgan Chase & Co. predict further gains ahead.
Twitter Inc. and Hilton Worldwide Holdings Inc. helped lead the best year for U.S. initial public offerings since the financial crisis, with strong trading debuts likely to stoke investor demand for new shares in 2014.
Southeast Asia’s small-cap stocks are drawing investors including Aberdeen Asset Management Plc and Samsung Asset Management Co. as the region’s economies accelerated even as growth in China and India slowed.