Roundup: Singapore stocks end up 0.08 pct

Singapore shares closed 0.08 percent higher on Monday, after U.S. stocks ended firmer last Friday on softer business spending numbers.

Few investors expected the U.S. Federal Reserve to use its two- day meeting starting on Tuesday to hint at a move in June following soft U.S. business spending data published on Friday.

However, there was growing uncertainty over the likely outcome of Greece's negotiations with creditors. After no deal was reached between Greece and Euro-zone finance ministers in their meeting last Friday, German Finance Minister Wolfgang Schaeuble hinted on Saturday that Berlin was preparing for a possible Greek default. Although the Greek government managed to get municipalities to lend cash in a last-ditch effort, it is seen running out of cash within weeks.

DBS Group Research said "we maintain our view that in the near- term, Straits Times Index should range within support at 3,430 points and 3,450 points, and resistance at 3,520 points and 3,550 points."

Singapore's benchmark Straits Times Index inched up 2.85 points to 3,515.85 points. Trading volume was 1.78 billion shares worth 1. 27 billion Singapore dollars. Advancers outnumbered decliners 258 to 200, while 470 stocks did not move.

Micro-Mechanics (Holdings) Limited jumped 5.6 percent to 75 Singapore cents. It reported its first nine-month revenue was up 22.2 percent year-on-year to 39.3 million Singapore dollars while net profit was also up 72.9 percent year-on-year to 9.2 million Singapore dollars. The results were attributed to an improvement in its gross margin from 50.5 percent to 55.1 percent in third quarter year-on-year. This was due to strong performance in its semiconductor tooling business in China, Taiwan region and Malaysia. Going forward, Micro-Mechanics will continue to focus on value to customers and improving operational efficiency.

Frasers Commercial Trust rose 0.7 percent to 1.54 Singapore dollars. It announced deals to buy a property in Australia and to build a hotel project in Singapore. Frasers Hospitality China Square Trust, which is owned by Frasers Centrepoint, will build a new hotel in Singapore's central business district and take it on lease from Frasers Commercial Trust. Frasers Commercial Trust said it will earn 44.8 million Singapore dollars as lease income from the transaction, and also said it is buying a property in Melbourne for 222.5 million Singapore dollars.

Among top gainers, UOB rose 1.4 percent to 25.05 Singapore dollars, while Jardine Cycle and Carriage became one of the top losers by falling 2.5 percent to 42 Singapore dollars. (1 U.S. dollar equals to 1.33 Singapore dollars) Endi