Roundup: Singapore stocks end up 0.66 pct

Singapore shares closed 0.66 percent higher on Friday, as investors bought stocks ahead of key U.S. jobs data.

While the recent run of U.S. economic news has been mixed at best, leading analysts to steadily downgrade forecasts for growth this quarter, a strong jobs report due later Friday could offset all that and give the Federal Reserve reason to stick to its monetary tightening as scheduled on June this year.

Singapore's benchmark Straits Times Index rose 22.24 points to 3,417.51 points. Trading volume was 1.04 billion shares worth 1.13 billion Singapore dollars. Decliners outnumbered advancers 219 to 202, while 511 stocks did not move.

OCBC Investment Research said "in line with regional bourses, the Straits Times Index is likely to climb as investors digest the European Central Bank quantitative easing decision and growth upgrade."

Mandarin Oriental International fell 0.6 percent to 1.76 U.S. dollars. It announced an one-for-four fully underwritten rights issue of up to 250.9 million new shares to raise gross proceeds of 316 million U.S. dollars. The issue price of 1.26 U.S. dollars per share represents a discount of 28.4 percent to the last closing price. The proceeds will enable Mandarin Oriental to retire debt and reduce gearing towards the levels that prevailed before the acquisition of the freehold of the Paris hotel.

This will also provide the hotel group with the capacity to finance the approximately 130 million U.S. dollars renovation of Mandarin Oriental Hyde Park, London, due to start in 2016, and leave it well placed to make further investments.

United Envirotech Limited rose 1.2 percent to 1.64 Singapore dollars. A joint venture company backed by Chinese conglomerate Citic Limited and U.S. private equity firm KKR made a formal offer to buy United Envirotech, the Singapore wastewater-treatment company. The deal values United Envirotech at 1.9 billion Singapore dollars. The joint venture company had in November last year announced its intention to buy United Envirotech, but was subject to certain regulatory approvals including that from Chinese government. With a formal offer now in place, and the joint venture firm getting "irrevocable undertakings" for nearly 51 percent of United Envirotech shares, the deal seems to be on its way to be completed.

The joint venture company has expressed that it intends to keep United Envirotech listed.

Among top gainers, Jardine Matheson rose 1.8 percent to 65.70 U. S. dollars, while Global Logistic Properties became one of the top losers by falling 1.9 percent to 2.57 Singapore dollars. (1 U.S. dollar equals to 1.37 Singapore dollars) Endi