SIA Engineering (S59.SI) saw its stock soar by 3.18% during intraday trading on Tuesday, significantly outperforming the broader market. The surge comes on the heels of the company's announcement regarding the granting of share awards under its employee incentive plans.

According to a filing with the Singapore Exchange on Monday, SIA Engineering granted a total of 2,673,824 share awards. This includes 1,860,224 share awards under its restricted share plan and 813,600 share awards under its performance share plan. The awards were granted on July 7, just a day before the notable stock price increase.

The substantial stock movement appears to be driven by positive investor sentiment following the share award announcement. Such employee incentive plans are often viewed favorably by the market, as they align the interests of employees with those of shareholders and can boost company performance. Additionally, the granting of share awards may be interpreted as a sign of confidence from the company's management in its future prospects, potentially contributing to the increased investor interest and the subsequent stock price surge.