Roundup: Singapore stocks end up 0.31 pct

Singapore shares closed 0.31 percent higher on Monday, although many investors were reluctant to trade amid holidays in a number of key markets.

China's Hong Kong, the U.S. and many European markets were shut on Monday for holidays. U.S. Federal Reserve Chair Janet Yellen indicated last week that the central bank was poised to raise interest rates this year if the economy keeps improving as expected. Her latest speech also weighed on market sentiment.

The U.S. Labor Department's gauge on core consumer goods prices rose by 0.3 percent last month, bringing the year-on-year rise to 1.8 percent, the highest since October last year. Meanwhile, a Greek minister said Athens cannot make debt repayments to the International Monetary Fund next month unless it manages to reach a deal with its lenders. The remarks raised the likelihood of a Greek default if talks fail.

DBS Group Research said "with the likelihood for a further delay to the start of the U.S. rate hike cycle, inexpensive valuation and positive spill over from Hong Kong and China equity markets, our year-end objective for Straits Times Index is 3,700 points."

Singapore's benchmark Straits Times Index rose 10.67 points to 3,460.85 points. Trading volume was 1.79 billion shares worth 519 million Singapore dollars. Decliners outnumbered advancers 248 to 195, while 504 stocks did not move.

Mapletree Logistics Trust closed flat at 1.205 Singapore dollars. It announced the proposed acquisition of two properties - Mapletree Logistics Bac Ninh Phase 1 from its sponsor and a warehouse with in South Korea from Dakonet. The total purchase consideration is estimated to be 42.2 million Singapore dollars.

Singapore Exchange Limited rose 0.5 percent to 8.69 Singapore dollars. The bourse operator and Zhengzhou Commodity Exchange (ZCE) have signed a memorandum of understanding (MOU) to collaborate on efforts that jointly develop and expand the commodities markets in China and Singapore. The MOU will jointly explore areas of cooperation including development of new commodity derivative products, joint commodity-related events, information sharing, training, member and investor education programs in both markets. Through the MOU, ZCE and Singapore Exchange aim to strengthen mutual understanding and promote bilateral partnership.

Among top gainers, Jardine Matheson rose 0.9 percent to 61.52 U. S. dollars, while UOB became one of the top losers by falling 0.2 percent to 24.01 Singapore dollars. (1 U.S. dollar equals to 1.34 Singapore dollars) Endi