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Roundup: Singapore stocks end up 0.12 pct

Xinhua, March 30, 2015 Adjust font size:

Singapore shares closed 0.12 percent higher on Monday, buoyed by Federal Reserve Chair Janet Yellen's comment on monetary policy outlook last Friday.

Yellen reaffirmed last Friday that interest rates would likely start rising later this year but emphasized the pace of tightening would be gradual and data dependent.

But trading in Singapore bourse is expected to remain subdued for this shortened week with Easter holiday on Friday and a key U. S. jobs report due the same day that could impact the timing of the first hike in interest rates there.

DBS Group Research said the Straits Times Index will head towards 3,500 points that is viewed as the near-term resistance.

Singapore's benchmark Straits Times Index inched up 4.16 points to 3,454.26 points. Trading volume was 1.62 billion shares worth 959 million Singapore dollars. Advancers outnumbered decliners 228 to 188, while 515 stocks did not move.

Loyz Energy jumped 4 percent to 12.9 Singapore cents. It has entered into two binding memorandum of understanding (MOUs) with Sun Petrochemicals Private Limited, a leading manufacturer of petroleum products. Under the first MOU, Loyz will jointly bid for potential upstream exploration and production projects and enjoy a carried participating interest. For the second MOU, Loyz Energy will assign Indian assets to Sun Petrochemicals, receive 7.5 percent of the monthly net profits and 50 percent of the recovery cost once certain criteria are satisfied.

Changjiang Fertilizer Holdings saw no trading on Monday. It proposed placement of 17.995 million new shares at 2 Singapore cents per share, and also an unsecured interest-free convertible loan of a principal amount of 359,900 Singapore dollars, convertible into 17.995 million new shares at a conversion price of 2 Singapore cents per share. The fund raised will allow the Changjiang Fertilizer to strengthen its cash and to be less reliant on external sources of funding.

Among top gainers, Jardine Strategic rose 2 percent to 35.53 U. S. dollars, while Jardine Cycle and Carriage became one of the top losers by falling 1.2 percent to 40.72 Singapore dollars. (1 U.S. dollar equals to 1.37 Singapore dollars) Endi