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Roundup: Singapore stocks end up 0.39 pct

Xinhua, March 16, 2015 Adjust font size:

Singapore shares closed 0.39 percent higher on Monday, as Friday's weak U.S. inflation data eased concern that the U.S. Federal Reserve may raise interest rates sooner than previously thought.

Investors' main focus this week is on the Federal Reserve's two- day meeting beginning on Tuesday. After successive months of strong jobs data, expectations have been growing that the Federal Reserve will point towards a June rate rise in its policy statement by dropping a pledge to be "patient" in considering such a move.

DBS Group Research said "we maintain our view for the Straits Times Index to stay resilient even though it has fallen below our stated 3,380 points and 3,390 points support level. We believe that the Singapore equity market is trading near its valuation trough. We expect the Straits Times Index to hold above 3,330 points."

Singapore's benchmark Straits Times Index rose 13.27 points to 3,376.04 points. Trading volume was 1.06 billion shares worth 901 million Singapore dollars. Decliners outnumbered advancers 284 to 155, while 495 stocks did not move.

Vard Holdings fell 1.9 percent to 51 Singapore cents. It announced it has terminated two shipbuilding contracts for platform supply vessel linked to insolvent customers. It has received a 10 percent installment for one of the vessels. It does not expect to repay the prepayment received, and expects to be able to sell the vessels at a price that will cover the expected construction cost less the prepayment received.

Serial System Limited shed 3.2 percent to 18.4 Singapore cents. It announced it has entered into an agreement to acquire Swift Value Business Private Limited. Swift Value is in the business of distribution printer accessories such as ink cartridges and toners. This business is complementary to Serial System which is also engaged in the distribution of electronic components and finished consumer electronic products.

Among top gainers, Jardine Cycle and Carriage rose 1.5 percent to 40.90 Singapore dollars, while Singapore Exchange Limited became one of the top losers by falling 0.8 percent to 7.60 Singapore dollars. (1 U.S. dollar equals to 1.38 Singapore dollars) Endi