Roundup: Singapore stocks end up 0.38 pct

Singapore shares closed 0.38 percent higher on Friday, as investors followed the strength in volatile Chinese markets.

Many investors felt that the plunge in Chinese shares that shaved about 30 percent off the market since mid-June had come to an end. Beijing's increasing attempts to stem a stock market rout look to be finally paying dividends, with Thursday's bounce followed by further gains on Friday.

Singapore's benchmark Straits Times Index rose 12.48 points to 3,279.88 points. Trading volume was 1.16 billion shares worth 930 million Singapore dollars. Advancers outnumbered decliners 249 to 180, while 534 stocks did not move.

Mm2 Asia rose 0.9 percent to 54.5 Singapore cents. It proposes to issue up to 2.6 million Singapore dollars in aggregate principal amount of exchangeable notes, with option to issue up to an additional 1.3 million Singapore dollars. The notes will bear interest at the rate of 2.5 percent per annum. The notes are exchangeable into new shares of mm2 Asia based on exchange price of 56.35 Singapore cents or new shares of the cinema subsidiary. The rationale for the proposed exchangeable notes issue is to increase resources available to the company to grow its existing business activities which are principally that of movie production, development, creation and distribution.

ST Engineering rose 1.5 percent to 3.31 Singapore dollars. It announced that its aerospace arm has secured new contracts worth 920 million Singapore dollars in the second quarter of 2015. These new orders involve projects ranging from airframe, component and engine maintenance, to engine wash and pilot training.

Among top gainers, Jardine Cycle and Carriage DBS Group rose 2. 5 percent to 31.77 Singapore dollars, while Singapore Airlines became one of the top losers by falling 1.4 percent to 10.80 Singapore dollars. (1 U.S. dollar equals to 1.35 Singapore dollars) Endi