BROKERS are divided on whether strong performances by Jardine Matheson and Jardine Strategic on the Singapore Stock Exchange are a result of a re-rating or a technical bounce. On its third day of trading, Jardine Matheson finished up 50 US cents at US$8.05 on turnover of about 1.5 million. The stock had jumped 15 per cent in value since trading opened on Tuesday. Jardine Strategic shares put on 32 cents to close at $3.78 on turnover of about 1.12 million - a rise of nearly 12 per cent since Tuesday. There was widespread concern among brokers as to whether the shares would be liquid, whether there would be any interest in Singapore and whether the share would be re-rated to a Singapore price-earnings multiple. James Osborn, head of sales with Baring Securities, said: 'The jury is still out on the shares. Relative to the market they have performed very well, but they could still come under pressure over the next few days of trading. 'There is a perception in the market that we might begin to see a re-rating. It certainly has been a good debut.' Mr Osborn said demand could be the result of technical factors associated with the shares having to register in Singapore. Sources within Jardines in Hong Kong said trading levels had answered concerns about the liquidity of the shares. Other brokers said the shares still appeared to be undervalued and they expected their prices to rise. Christopher Malpass, director of sales at Peregrine, said: 'We were anticipating a re-rating for some time.' Mr Malpass said rumours that Jardine was set to announce a bonus issue was also boosting demand. 'It would be unsurprising for Jardine to reward investors with a bonus.' Mr Malpass said he was confident that the re-rating would continue. 'They are trading at half the Singaporean market multiple.' Brokers said much of the interest had come from foreign buyers and that local interest would be restrained until the shares showed active trading in Singapore.