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Roundup: Singapore stocks end up 0.8 pct

Xinhua, January 20, 2015 Adjust font size:

Singapore shares closed 0.8 percent higher on Tuesday, after China reported its economy had not slowed as far as market had feared.

China said its gross domestic product (GDP) rose 7.4 percent for all of 2014 and its third quarter expansion came in at 7.3 percent year on year compared with market expectations for 7.2 percent, with both retail sales and industrial production running ahead of predictions in December.

While growth for the year was the slowest since 1990, China's GDP is now 10 times as large as it was back then.

The Shanghai Composite Index rebounded nearly 2 percent on Tuesday after the data release, recovering a chunk of the heavy losses suffered Monday when regulators cracked down on speculative lending.

Singapore's benchmark Straits Times Index rose 26.32 points to 3,334.02 points. Trading volume was 1.23 billion shares worth 950 million Singapore dollars.

Advancers outnumbered decliners 275 to 147, while 520 stocks did not move.

M1 Limited advanced 2.5 percent to 3.71 Singapore dollars. It reported full-year service revenue increased 1.4 percent on-year to 831 million Singapore dollars, while fourth-quarter operating revenue was 346.4 million Singapore dollars versus 278.6 million Singapore dollars last year.

Its full-year net profit increased 9.7 percent on-year to 176 million Singapore dollars, while fourth-quarter net profit was 44. 5 million Singapore dollars versus 40.5 million Singapore dollars a year ago.

It proposed final dividend of 11.9 Singapore cents, and projected capital expenditure for this financial year to be around 120 million Singapore dollars.

China Everbright Water Limited rose 1.4 percent to 1.05 Singapore dollars. It said it will issue 120.7 million new shares at an issue price of 94 Singapore cents per share.

The issue price represents a discount of approximately 9.35 percent to the last weighted average price. Gross proceeds of approximately 113.4 million Singapore dollars will be used as working capital to fund the growth and expansion of the company's business.

Among the top gainers, Jardine Cycle and Carriage rose 1.9 percent to 39.37 Singapore dollars, whereas Keppel Corporation became one of the top losers by falling 1 percent to 8.10 Singapore dollars. (1 U.S. dollar equals to 1.34 Singapore dollars) Endi