Roundup: Singapore stocks end up 0.28 pct

Singapore shares closed 0.28 percent higher on Wednesday, boosted by rally in Wall Street overnight and weaker U.S. dollar.

On Tuesday, U.S. dollars suffered its biggest one-day fall since October 2013, helping to underpin energy stocks and pushed the U.S. stocks end higher. Crude oil prices were also firmer amid hope that industry cuts to investment would lessen the glut of supply in the market. Brent crude oil stood at above 57 U.S. dollars per barrel, following a rise of almost six percent on Tuesday.

Voyage Research said, "We expect the Straits Times Index to attempt to break the 3,450 points level, probably in a few days time."

The benchmark Straits Times Index rose 9.55 points to close at 3,417.57 points. Trading volume was 1.22 billion shares worth 1.30 billion Singapore dollars. Advancers slightly outnumbered decliners 220 to 203, while 513 stocks closed unchanged.

CNA Group rose 2.6 percent to 3.7 Singapore cents. It proposed to place 119.4 million new shares at the issue price of 3.35 Singapore cents per share. The issue price represents a discount of less than 10 percent to the last volume weighted average price. The estimated net proceeds of about 3.8 million Singapore dollars shall be used for general working capital and investment.

Sim Lian Group advanced 1.7 percent to 88 Singapore cents. It proposed to acquire a freehold commercial property located at 59 Albany Highway, Perth, Australia for 72 million Australian dollars. The total net lettable area (NLA) of the property is approximately 12,813 square meters. The group intends to fund the acquisition with a combination of internal funds and bank borrowings.

Among the top gainers, Jardine Cycle and Carriage rose 0.8 percent to 42.21 Singapore dollars, while Jardine Matheson shed 0. 7 percent to 63.73 U.S. dollars. (1 U.S. dollar equals 1.284 Australian dollars and 1.35 Singapore dollars) Endi