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Roundup: Singapore stocks end up 0.35 pct

Xinhua, April 13, 2015 Adjust font size:

Singapore shares closed 0.35 percent higher on Monday, buoyed by a rally in China's stock markets to seven year high.

China's exports contracted 15 percent in March from a year earlier, in a surprise drop that left the world second biggest economy with a trade surplus of 3.1 billion U.S. dollars last month.

Analysts now expected China's export numbers will not pick up anytime soon given uncertainties from the U.S., Europe and emerging countries.

DBS Group Research said, "our Straits Times Index range for the month remains unchanged at 3,430 points to 3,520 points on April. Any undershoot below 3,430 points should be limited at 3,400 points. Reduce exposure as the Straits Times Index heads towards 3, 500 points in coming weeks while a decline towards 3,400 points is an opportunity to bargain hunt."

Singapore's benchmark Straits Times Index rose 12.01 points to 3,484.39 points. Trading volume was 3.38 billion shares worth 1.3 billion Singapore dollars. Advancers outnumbered decliners 307 to 187, while 443 stocks did not move.

CapitaLand Limited closed flat at 3.61 Singapore dollars. Its serviced-residence business, The Ascott Limited., has won contracts to manage properties in Vietnam, Malaysia and the United Arab Emirates.

The Ascott has been increasing its global footprint as a leading serviced-residences company, and now has over 26,000 serviced residence units in key cities of Asia, Europe and the Gulf region, as well as over 13,000 units under development.

The diversification gives CapitaLand an alternative revenue stream amid a lackluster market back home.

CapitaLand said the latest contracts are to manage Citadines Apart'hotels in Ho Chi Minh City, Kota Kinabalu in the Sabah province of Malaysia and in Dubai. The three properties will open in 2017 and 2018.

KrisEnergy Limited advanced 4.9 percent to 53.5 Singapore cents. It has been awarded the front-end engineering and design contract for the Lengo gas development offshore East Java in Indonesia, and has commenced geophysical and geotechnical surveys at the platform site as well as along the proposed platform-to-shore pipeline route and onshore receiving terminal location.

Among top gainers, Keppel Corporation rose 2.3 percent to 9.42 Singapore dollars, while Jardine Strategic became one of the top losers by falling 1.3 percent to 35.05 U.S. dollars. (1 U.S. dollar equals to 1.37 Singapore dollars) Endi