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Roundup: Singapore stocks end up 0.93 pct

Xinhua, June 10, 2015 Adjust font size:

Singapore shares closed 0.93 percent higher on Wednesday, although there were growing expectations that the U.S. Federal Reserve will start to raise interest rates later this year.

Strong U.S. data, including Friday's report showing solid increases in employment, and recent comments from top Federal Reserve officials suggested a rate hike is likely later this year.

Meanwhile, concerns about Greece grew after a new reform proposal submitted by Athens earlier this week failed to fully satisfy creditors. Investors now wondered whether Greece can agree on a deal to unlock new funding to ward off a debt default.

DBS Group Research said "the Straits Times Index entered the 3, 270 points and 3,300 points range yesterday that we continue to see as a potential inflexion point. Valuation is now very attractive."

The benchmark Straits Times Index rose 30.64 points to close at 3,325.77 points. Trading volume was 1.2 billion shares worth 1.14 billion Singapore dollars. Advancers outnumbered decliners 239 to 179, while 539 stocks closed unchanged.

Swiber Holdings rose 0.6 percent to 17.1 Singapore cents. It announced that it has redeemed in full its 95 million Singapore dollar three-year bond with annual yield of 6.25 percent due to mature on June 8.

It added the redemption would not have a material impact on the company's net tangible assets or earnings per share for the financial year ending December 31, 2015. The redemption will put to rest some of the concerns of fixed-income investors over Swiber 's ability to meet principal repayment obligations for this year.

Soilbuild Construction Group Limited dropped 0.7 percent to 15. 2 Singapore cents. It announced that it has won a 24 storey residential development design and build contract in Yangon, Myanmar. The contract is worth 50.4 million U.S. dollars, and the project is expected to start in third quarter this year and be completed within 40 months. This win brings Soilbuild Construction 's orderbook to 784 million Singapore dollars.

Among the top gainers, DBS Group rose 2.5 percent to 20.93 Singapore dollars, while Petra Foods dropped 2.5 percent to 3.46 Singapore dollars. (1 U.S. dollar equals 1.34 Singapore dollars) Endi