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Roundup: Singapore stocks end up 0.37 pct

Xinhua, April 7, 2015 Adjust font size:

Singapore shares closed 0.37 percent higher on Tuesday, as investors took comfort in the likelihood that U.S. may not hike rate anytime soon.

U.S. stocks jumped on Monday as the disappointing jobs data raised expectations that the Federal Reserve could wait longer before raising interest rates. Some analysts now even speculated that the Federal Reserve may not feel the need to make any tightening move until well into 2016, given the unimpressive economic data.

Maybank-Kim Eng Research said the target level of the Straits Times Index remains at 3,440 points, and stock selection is recommended.

Singapore's benchmark Straits Times Index rose 12.71 points to 3,465.62 points. Trading volume was 1.95 billion shares worth 953 million Singapore dollars. Decliners outnumbered advancers 240 to 205, while 507 stocks did not move.

Triyards Holdings jumped 10.4 percent to 42.5 Singapore cents. It has secured new orders worth approximately 100 million U.S. dollars comprising of a lift-boat, a high speed aluminum craft project including integrated logistics support work and a fabrication project.

These contracts come at the back of two ice-class Multi-Purpose Support Vessels contracts and a turret fabrication project valued at more than 100 million U.S. dollars announced on March 9. Scheduled for completion in fourth quarter of 2016, the order will bring Triyards' current new-build pipeline to 11 vessels.

KTL Global rose 1.6 percent at 18.8 Singapore cents. It has unveiled key corporate changes following a review of its businesses. These include streamlining its internal and operating efficiencies that will involve a significant relocation of operations from Singapore to Johor, Malaysia. These are expected to translate into significant operational cost efficiencies from financial year 2016.

Among the top gainers, Jardine Cycle and Carriage rebounded 0.9 percent to 42.59 Singapore dollars, whereas DBS Group became one of the top losers by falling 0.6 percent to 20.32 Singapore dollars. (1 U.S. dollar equals to 1.36 Singapore dollars) Endi