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Roundup: Singapore stocks end up 0.31 pct

Xinhua, May 13, 2015 Adjust font size:

Singapore shares closed 0.31 percent higher on Wednesday, as investors bought stocks despite an overnight drop in U.S. equities.

U.S. stocks fell overnight amid continuing concerns about Greece. Greece managed to make a payment to the International Monetary Fund (IMF), that brought a temporary relieve for investors. But this was dashed on quickly as it emerged Greece had emptied an IMF holding account for the payment. Greece, as an IMF member, holds reserves from the IMF and must pay interest if those holdings are not kept at a certain level. Euro-zone ministers warned Greece still faces a battle to release financial aid.

The benchmark Straits Times Index rose 10.84 points to close at 3,453.17 points. Trading volume was 1.28 billion shares worth 994 million Singapore dollars. Advancers outnumbered decliners 219 to 192, while 539 stocks closed unchanged.

Among top actives, Golden Agri-Resources closed flat at 44 Singapore cents. The palm producer reported first quarter net profit plunged to 17 million U.S. dollars, compared with 104 million U.S. dollars in the same quarter of last year after its palm oil production declined and prices also fell. OCBC Investment Research downgraded the stock to "sell" and cuts its price target to 35 Singapore cents from 42 Singapore cents, saying that the company's operating environment is still challenging, although its oil seed business in China is recovering.

Q&M Dental Group soared 6.9 percent to 85 Singapore cents. It announced it will pay 20.3 million Singapore dollars in cash and stock to buy eight dental clinics in Singapore to strengthen its position as the leading dental healthcare firm there. With the latest acquisitions, it will have 69 dental clinics located island wide and will also see an increase in its team of dentists to 225 from about 180.

Among the top gainers, Jardine Matheson rose 1.1 percent to 62. 20 U.S. dollars, while Great Eastern Holdings dropped 1.3 percent to 24.72 Singapore dollars. (1 U.S. dollar equals to 1.33 Singapore dollars) Endi