Roundup: Singapore stocks end up 1.13 pct

Singapore shares closed 1.13 percent higher on Tuesday, as investors decided that a Greece- related sell-down had generated some value in the market.

Standard & Poor's Ratings Services downgraded Greece's credit rating deeper into junk territory and speculated that the probability of the country exiting the eurozone is now roughly 50 percent. On Tuesday, Greece will be cut loose from international rescue loans for the first time in more than five years. The country also said it would default on a 1.6 billion euros International Monetary Fund payment the same day. Greece's stock market will remain closed this week along with the country's banks.

DBS Group Research said "The Straits Times Index stayed above our stated 3,270 points level yesterday despite Greece. While investors' sentiment over the next one week remains uneasy pending the outcome of the referendum in Greece, a rebound in July is definitely still possible. The situation in Greece remains fluid but the thinking is that financial markets are much better prepared now to handle the Greek crisis compared to a few years ago."

Singapore's benchmark Straits Times Index rose 37.15 points to 3,317.33 points. Trading volume was 1.18 billion shares worth 1.26 billion Singapore dollars. Advancers outnumbered decliners 250 to 173, while 542 stocks did not move.

Suntec REIT rose 0.9 percent to 1.725 Singapore dollars. It announced it has divested Park Mall for 411.8 million Singapore dollars. It acquired Park Mall in 2005 for 245.1 million Singapore dollars. The sale price is at the valuation price of the property. The buyer is Park Mall Private Limited and no additional details were provided. Suntec REIT has a 30 percent interest in the joint- venture company that has been setup to redevelop Park Mall consisting of two office blocks with retail portion.

OUE Commercial Real Estate Investment Trust rose 0.6 percent to 81.5 Singapore cents. It planned to raise a total of about 1.17 billion Singapore dollars via loans, a rights issue and a sale of convertible preference units. It says it will offer nine rights units for every 20 units owned by an investor. The rights units will be issued at a price of 55.5 Singapore cents each. In addition, it will also sell 550 million Singapore dollar convertible perpetual preference units and 399 million Singapore dollars in loans to buy an indirect stake in a building in Singapore from its sponsor OUE.

Among the top gainers, Jardine Matheson rose 2.6 percent to 56. 75 U.S. dollars, whereas Silverlake Axis Limited became one of the top losers by falling 12.5 percent to 98 Singapore cents. (1 U.S. dollar equals to 0.895 euros and 1.34 Singapore dollars) Endi