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Roundup: Singapore stocks end up 0.54 pct

Xinhua, April 15, 2015 Adjust font size:

Singapore shares closed 0.54 percent higher on Wednesday, after a reading on China's economic growth held up better than market had feared.

China's annual economic growth slowed to a six-year low of 7 percent in the first quarter, but there was relief it matched analysts' expectations. A poor trade performance in March had spurred talk that growth might fall short of the psychologically important 7 percent level. However, a 10.2 percent annual rise in retail sales and 5.6 percent growth in industrial output both missed market forecasts.

The benchmark Straits Times Index rose 18.87 points to close at 3,539.95 points. Trading volume was 3.49 billion shares worth 1.59 billion Singapore dollars. Advancers outnumbered decliners 277 to 224, while 435 stocks closed unchanged.

Voyage Research said traders were also digesting earnings news from some big-name companies that were mixed.

Among top actives, Swiber Holdings closed flat at 20.5 Singapore cents. It announced that it has secured a 133 million U. S. dollar engineering contract from a national oil company in India. The Indian project involves surveys, design and installation of six pipelines with a total length of 60 kilometers and is the third contract from the same state-owned firm this year. The project is scheduled for completion by the second quarter of 2016.

Otto Marine rose 4.5 percent to 4.6 Singapore cents. It announced that it has delivered four new-build vessels that translated into a total contract value of 36.6 million U.S. dollars. Its Indonesian shipyard, PT Batamec, completed the construction of two units of harbor tugs and two units of anchor handling tug supply for PT Pertamina Trans Kontinental.

Among the top gainers, Jardine Matheson rose 1.1 percent to 62. 38 U.S. dollars, while Jardine Cycle and Carriage dropped 1 percent to 42.85 Singapore dollars. (1 U.S. dollar equals to 1.36 Singapore dollars) Endi