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Roundup: Singapore stocks end up 0.3 pct

Xinhua, May 22, 2015 Adjust font size:

Singapore shares closed 0.3 percent higher on Friday, after U.S. stocks continued to break record highs amid expectation that U.S. Federal Reserve will not raise rate anytime soon.

Investors have been relieved after seeing the April Federal Reserve policy meeting minutes released on Wednesday showing that most officials were not inclined towards a June hike. U.S. data released overnight which showed weaker-than-expected existing home sales, manufacturing sector and U.S. Mid-Atlantic business activity, also reinforced expectation that the Federal Reserve will be in no hurry to change its policy stance.

Singapore's benchmark Straits Times Index rose 10.32 points to 3,450.18 points. Trading volume was 1.60 billion shares worth 1.09 billion Singapore dollars. Advancers outnumbered decliners 254 to 171, while 536 stocks did not move.

Among top actives, YuuZoo Corporation Limited soared 31.1 percent to 29.5 Singapore cents. The social network cum e-commerce firm was praised by Edison Investment Research for targeting at specific interest groups, locations and brands, and combine e- commerce, advertising, social networking and gaming in one integrated 'virtual shopping mall.' Edison started coverage on YuuZoo and, based on comparisons with its peers, the company's valuation range should be 27 Singapore cents to 59 Singapore cents per share, if its business-to-consumer strategy works.

AIMS AMP Capital Industrial REIT rose 0.3 percent to 1.50 Singapore dollars. The industrial property developer announced a 41.7 million Singapore dollar redevelopment plan of an industrial building to a warehouse facility. The redevelopment will boost the asset value to 60.7 million Singapore dollars, up from the current value of 14.1 million Singapore dollars. The annual rental income will increase 4.15 million Singapore dollars upon completion.

Among top gainers, Jardine Matheson rose 1.6 percent to 61 U.S. dollars, while Jardine Cycle and Carriage became one of the top losers by falling 0.5 percent to 40.53 Singapore dollars. (1 U.S. dollar equals to 1.33 Singapore dollars) Endi