Shares in Singapore's Sea soar 11% on raised guidance

SINGAPORE -- Shares in Sea soared in early New York trading on Tuesday after the Singapore-based technology company raised its guidance for its Shopee e-commerce arm, which drives the lion's share of its revenue.

The New York Stock Exchange-listed tech player, which also operates gaming and financial services businesses, expects the value of goods sold by its online shopping platform to increase more than 20% this year, despite increasing competition from Chinese rivals. This is up from a growth forecast in the "high teens" in March.