Off the wire
• Plane passenger stands trial in China for opening hatch  • Weather information for Asia-Pacific cities  • Weather forecast for major Chinese cities, regions -- May 11  • China ready to strengthen ties with new British government, FM spokesperson  • Chinese couple holds "bike wedding"  • China raises retail oil price  • HK's major trade fairs in April attracts over 220,000 visitors  • France backs migrants quota policy amid rampant migration flows: minister  • Israel buys 4 advanced German ships  • Weather forecast for world cities -- May 11  
You are here: 　 Home

Roundup: Singapore stocks end up 0.54 pct

Xinhua, May 11, 2015 Adjust font size:

Singapore shares closed 0.54 percent higher on Monday, as China stepped up support for its economy.

The People's Bank of China cut its benchmark, one-year lending rate by 25 basis points to 5.1 percent from Monday, and its benchmark deposit rate by the same amount to 2.25 percent. The latest rate cut was the third time in six months, and analysts predicted Beijing would relax reserve requirements and cut rates again in the coming months.

Citigroup Research said "with economic downside risks lingering, especially amid weak property construction and investment, we believe (China) government sees imminent need to prevent excess slippage. We would not be surprised to see continuous liquidity loosening until more signs of stabilization appear."

Meanwhile, major U.S. stock indexes posted gains of over 1 percent last Friday, after U.S. Labor Department data showed nonfarm payrolls increased 223,000 last month, while the unemployment rate dropped to a near seven-year low of 5.4 percent.

DBS Group Research said "we believe that Straits Times Index's pullback from 3,550 points has ended at 3,425 points last week, this on the presumption that Greece's loan repayment to the International Monetary Fund tomorrow will proceed smoothly. Doing so should see a further rise in the Straits Times Index to 3,500 points. However, if that does not go well and global markets react negatively, a further dip towards 3,370 points is possible before the correction ends."

Singapore's benchmark Straits Times Index rose 18.79 points to 3,470.80 points. Trading volume was 1.13 billion shares worth 802 million Singapore dollars. Advancers outnumbered decliners 221 to 179, while 554 stocks did not move.

Frasers Centrepoint Limited dropped 0.3 percent to 1.83 Singapore dollars. It reported fiscal second quarter net profit more than doubled to 143 million Singapore dollars, partly due to fair value gains on its properties and reported one-off gains. CIMB Research keeps its "Buy" recommendation with 2.02 Singapore dollars target on the real estate firm, forecasting residential contributions to be boosted in coming months.

Among top gainers, Jardine Matheson rose 0.5 percent to 62.21 U. S. dollars, while Jardine Strategic became one of the top losers by falling 0.3 percent to 34.63 U.S. dollars. (1 U.S. dollar equals to 1.34 Singapore dollars) Endi