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Roundup: Singapore stocks end up 0.56 pct

Xinhua, May 8, 2015 Adjust font size:

Singapore shares closed 0.56 percent higher on Friday, as investors waited for U.S. jobs data due later Friday.

Investors shrugged off news of weak China's trade numbers for April. China's exports contracted 6.4 percent in April from a year ago, sharply missing market expectations for a 2.4 percent gain. Investors now looked at poor Chinese economic data positively as they expect China's policy makers to further cut interest rates and ramp up fiscal spending, which bode well with stock prices.

DBS Group Research said index upside in coming sessions should be capped at 3,460 points because investors will be assessing Greece's ability to repay the International Monetary Fund loan on May 12, and Federal Reserve Chair Janet Yellen's comment on U.S. equity market valuation Thursday may turn investors' attention towards the elevated valuation of other equity markets that have performed well in recent months.

Singapore's benchmark Straits Times Index rose 19.23 points to 3,452.01 points. Trading volume was 1.22 billion shares worth 991 million Singapore dollars. Advancers outnumbered decliners 236 to 200, while 518 stocks did not move.

OUE Hospitality Trust rose 2.6 percent to 94.5 Singapore cents. It reported first-quarter gross revenue grew 2.1 percent to 29.3 million Singapore dollars, and net property income rose 0.3 percent of 25.7 million Singapore dollars. It declared distribution per unit of 1.61 Singapore cents, down 4.2 percent from 1.68 Singapore cents in the same period of last year, mainly because of lower rental from a hotel property in Singapore.

SembCorp Industries shed 2.7 percent to 4.37 Singapore dollars. The conglomerate reported its first quarter net profit of 142 million Singapore dollars, down 23 percent from 185 million Singapore dollars during the same period a year ago. OCBC Investment Research downgraded the share to "hold" from "buy" and cut its fair value estimate to 4.72 Singapore dollars from 4.84 Singapore dollars after weak earnings.

Among top gainers, Jardine Matheson rose 2.1 percent to 61.90 U. S. dollars, while Petra Foods became one of the top losers by falling 2.8 percent to 3.50 Singapore dollars. (1 U.S. dollar equals to 1.33 Singapore dollars) Endi