Roundup: S'pore stocks end up 0.73 pct following Fed's meeting

Singapore shares closed 0.73 percent higher on Thursday, as investors expected slower pace for future U.S rate rises after U.S. Federal Reserve (Fed) ended its policy meeting.

While the Federal Reserve dropped assurance that it will be " patient" in raising interest rates, its policy statement surprised the market by trimming forecasts for inflation and growth, and said unemployment could fall further than first thought without risking a spike in inflation.

The benchmark Straits Times Index rose 24.41 points to close at 3,386.16 points. Trading volume was 1.2 billion shares worth 1.18 billion Singapore dollars. Decliners slightly outnumbered advancers 230 to 229, while 473 stocks closed unchanged.

ST Engineering rose 0.3 percent to 3.44 Singapore dollars. Its aerospace arm, ST Aerospace, is teaming up with Tenryu Holdings to set up joint venture ST Aerospace Aircraft Seats, which will have a planned investment of 29.8 million Singapore dollars. ST Aerospace will own 90 percent of the joint-venture shares, with the remaining 10 percent to be held by Tenryu.

Based in Singapore, ST Aerospace Aircraft Seats will design and manufacture a range of aircraft seats, such as economy, business and first class seats.

CNA Group dropped 5 percent to 1.9 Singapore cents. It is acquiring a 10 percent shareholding in Jilin Gold Group (JGG) to invest and further participate in JGG's businesses which include a gold mine, jewellery retailing and franchising, hotels, and events management and media advertising agency, throughout China.

While the value of the acquisition is to be determined after due diligence, the investment is expected to generate a consistent and recurring annual dividend yield for CNA Group.

Among the top gainers, OCBC Bank rose 1.3 percent to 10.36 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 0.7 percent. (1 U.S. dollar equals to 1.38 Singapore dollars) Endi