Australian shares rise as Singapore looks at stock exchange reform

Australian shares rose on Tuesday as many key Asia-Pacific markets were closed for the mid-autumn festival.

The S&P/ASX 200 index rose 0.3 per cent in early trading. Aluminium refiner Alcoa and digital payments processor Zip led gains in Sydney, rising 5.8 per cent and 4.3 per cent, respectively.

Japan’s Topix fell 0.1 per cent. Markets in mainland China and South Korea were shut.

The Straits Times index, Singapore’s benchmark, rose 0.2 per cent, a day after a government minister outlined reforms to revive the city-state’s bourse.

“It is not an easy task to revitalise our equities market,” second finance minister Chee Hong Tat told the Securities Investors Association.

Chee said the Monetary Authority of Singapore would look at streamlining disclosure requirements, removing some checks for retail investors, lowering listing costs and promoting technology companies.