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Roundup: Singapore stocks end up 0.21 pct

Xinhua, January 19, 2015 Adjust font size:

Singapore shares closed 0.21 percent higher on Monday, following gains on the U.S. stock market last Friday.

Investors will watch closely on economic news from China and policy stimulus decision in the Euro zone this week.

China's gross domestic product due Tuesday is expected to show annual growth slowed to 7.2 percent last quarter. The policy meeting of the European Central Bank on Thursday is considered almost certain to see the launch of a government bond-buying campaign.

Crude-oil futures were down in Asian trade Monday and investors expected oil prices to stay volatile this week with little evidence of stronger demand or tighter supply to support a solid rebound.

Over the next few days, oil and gas majors across the world will announce quarterly earnings, and they are widely expected to announce more spending cuts and job losses.

However, the spending cuts may take a few months to filter through to actual oil production and prices.

Voyage Research said "we anticipate if the Straits Times Index continues its downward trend below the 3,300 points level, then a downside objective of 3,250 points will be established."

Singapore's benchmark Straits Times Index rose 7.02 points to 3, 307.7 points. Trading volume was 1.17 billion shares worth 897 million Singapore dollars. Decliners outnumbered advancers 239 to 193, while 512 stocks did not move.

Keppel Land Limited jumped 3.1 percent to 3.61 Singapore dollars. It announced that it has secured a land site in West Jakarta, Indonesia, for 40.2 million Singapore dollars.

The site has good access to the business districts and is 15 minute drive from the airport. It is earmarked for residential development. The development will comprise more than 4,000 apartment units targeted at the middle income group. The first phase is expected to launch in 2017.

Centurion Corporation Limited shed 3.5 percent to 55 Singapore cents. It announced that it is exploring the possibility of establishing a workers dormitory real estate investment trust ( REIT), eyeing to inject several of its dormitory assets into the REIT.

Among top gainers, Jardine Matheson rose 0.8 percent to 63 U.S. dollars, while Singapore Airlines became one of the top losers by falling 1.7 percent to 11.90 Singapore dollars. (1 U.S. dollar equals to 1.33 Singapore dollars) Endi