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Roundup: Singapore stocks end up 0.09 pct

Xinhua, February 25, 2015 Adjust font size:

Singapore shares closed 0.09 percent higher on Wednesday, following rises in U.S. markets after Federal Reserve Chair Janet Yellen suggested the Federal Reserve would not rush into raising interest rates.

During her testimony to the Senate Banking Committee, Yellen said the U.S. central bank was preparing to consider interest rate hikes "on a meeting-by-meeting basis." That was a subtle change of emphasis in how the Federal Reserve had been speaking about its plans, as it suggested a hike could still come as early as June but a later date for a rate increase was possible against the backdrop of weak U.S. inflation and a sluggish global economy.

Many investors had been worried a premature start to the U.S. rate hike cycle could dent momentum in the U.S. economy, so they took Yellen's subtle change in emphasis to mean that higher rates were not on the immediate horizon.

Voyage Research said the Straits Times Index is still attempting to break the resistance level at 3,450 points.

The benchmark Straits Times Index inched up 3.22 points to close at 3,440.83 points. Trading volume was 1.38 billion shares worth 1.28 billion Singapore dollars. Advancers outnumbered decliners 240 to 193, while 502 stocks closed unchanged.

Among top actives, Genting Singapore sank 6.2 percent to 98 Singapore cents. It reported fourth-quarter net profit was down 30 percent to 118.9 million Singapore dollars, while fourth-quarter revenue also declined 8 percent to 637.9 million Singapore dollars. It proposed payment of tax-exempt final dividend of 1 Singapore cent per ordinary share, and expected the non-gaming earnings to post respectable growth in 2015.

Singapore Exchange Limited dropped 0.2 percent to 8.20 Singapore dollars. It said its chief executive officer (CEO) Magnus Bocker would leave in June, as he was not seeking an extension of his appointment beyond his current contract. He has been the CEO of Singapore Exchange since 2009. The board is moving forward with its CEO succession plan and is assessing internal and external candidates on a short list,

Among the top gainers, Jardine Matheson rose 2.7 percent to 66. 10 U.S. dollars, while Sarine Technologies shed 1.8 percent to 2. 75 Singapore dollars. (1 U.S. dollar equals to 1.35 Singapore dollars) Endi