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Roundup: Singapore stocks end up 0.2 pct

Xinhua, January 28, 2015 Adjust font size:

Singapore shares closed 0.2 percent higher on Wednesday, as the Monetary Authority of Singapore (MAS) unexpectedly loosened monetary policy ahead of this week's U.S. Federal Reserve meeting.

The Monetary Authority of Singapore surprised the market by announcing the reduction of the slope of the local dollar's rise against a basket of currencies of the nation's key trading partners, as consumer prices of the city-state faced deflation and oil prices continued to slide. The easing was seen to boost Singapore stocks as goods and services become more competitive regionally.

Meanwhile, Chinese monetary stimulus also became the subject of speculation after the People's Bank of China (PBOC) injected 60 billion Chinese yuan through its regular reverse repo auctions on Tuesday. ING Research said "we think open market operations are the first resort and a reserve requirement ratio cut would be a last."

Given plunging crude oil price and stronger U.S. dollar, investors speculated the Federal Reserve could take a dovish turn in its post-meeting statement later on Wednesday. The Federal Reserve would have to acknowledge the more difficult environment in its policy statement.

The benchmark Straits Times Index rose 6.95 points to close at 3,419.15 points. Trading volume was 1.38 billion shares worth 1.23 billion Singapore dollars. Advancers outnumbered decliners 233 to 177, while 529 stocks closed unchanged.

Armarda Group jumped 33.3 percent to 0.4 Singapore cents. It proposed to issue 2.12 billion new shares at an issue price of 0.5 Singapore cents for each placement share, amounting to an aggregate amount of approximately 10.6 million Singapore dollars. The issue price of 0.5 Singapore cents represents a premium of approximately a 66.67-percent premium to the last volume weighted average price. The proceeds will be mainly used to finance or fund any possible acquisitions, purchases or investments in relation to data center projects

Singapore Telecommunications inched up 1 percent to 4.05 Singapore dollars. It signed a memorandum of understanding (MoU) with Ericsson for a five-year partnership to test 5G technologies for future standardization. They will explore 5G uses for consumers and enterprises, with the partnership including workshops to align 5G requirements and exchange ideas, as well as trials on potential technologies. The local telecom operator planned to bring 5G to Singapore in 2020, making it one of the first in the world to offer it.

Among the top gainers, UOL Goup Limited rose 3.6 percent to 7. 45 Singapore dollars, while Jardine Matheson shed 2.6 percent to 65.44 U.S. dollars. (1 U.S. dollar equals to 6.244 Chinese yuan and 1.35 Singapore dollars) Enditem