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Roundup: Singapore stocks end up 0.61 pct

Xinhua, January 21, 2015 Adjust font size:

Singapore shares closed 0.61 percent higher on Wednesday, as investors looked forward to the European Central Bank's (ECB) meeting for any stimulus measures.

There was a growing investor conviction that the ECB will adopt quantitative easing at its meeting on Thursday. Investors will watch exactly what the ECB will do, although there was also lingering concern that Germany's Bundesbank is reluctant to see large scale money-printing.

Voyage Research said the Straits Times Index was well above its 3,300 points resistance level partially due to better than expected performance from China. The Straits Times Index is expected to trade above the 3,330 points range.

The benchmark Straits Times Index rose 20.44 points to close at 3,354.46 points. Trading volume was two billion shares worth 1.11 billion Singapore dollars. Advancers outnumbered decliners 248 to 183, while 509 stocks closed unchanged.

Among top actives, Elektromotive Group sank 28.6 percent to 0.5 Singapore cents. It proposed to issue up to 1.63 billion new shares at the issue price of 0.45 Singapore cents each with up to 3.26 billion free Warrants. Each warrant carrying the right to subscribe for one new ordinary share at an exercise price of 0.5 Singapore cents for each new share, on the basis of one rights share for every one existing share held. The estimated net proceeds from the Rights cum Warrants Issue is expected to be 1.71 million Singapore dollars. The proceeds are intended for the development and expansion of the business and for working capital purposes.

Mapletree Industrial Trust dropped 0.9 percent to 1.565 Singapore dollars. It reported its third-quarter distribution per unit (DPU) was up 6.4 percent year-on-year and 2.7 percent higher than previous quarter to 2.67 Singapore cents. The growth in DPU was attributed to positive rental revisions and revenue contribution from completed development projects. There was also cost savings through bulk purchase of electricity. Its average portfolio occupancy was 90.8 percent.

Among the top gainers, Jardine Matheson rose 0.3 percent to 63. 68 U.S. dollars, whereas UOL Goup Limited became one of the top losers by falling 0.9 percent to 6.83 Singapore dollars. (1 U.S. dollar equals 1.33 Singapore dollars) Endi