Roundup: Singapore stocks end up 0.96 pct

Singapore shares closed 0.96 percent higher on Monday, as investors found values in shares battered last week due to Greek debt crisis and the volatility in Chinese markets.

But uncertainty over Greece still weighed on investors' sentiment. Hopes for some resolution to the Greek debt crisis were dashed on Sunday when euro-zone leaders told the cash-strapped Greek government that it must enact key reforms this week to restore trust before they will open talks on a financial rescue.

Six sweeping measures including tax and pension reforms must be enacted by Wednesday night and the entire package endorsed by the Greek parliament before talks can start.

DBS Group Research said, "With Singapore's growth prospects looking uncertain, we do not rule out the possibility of further earnings downgrades for Singapore companies. In the absence of domestic catalysts, Singapore market will continue to be driven by external events."

Singapore's benchmark Straits Times Index rose 31.34 points to 3,311.22 points. Trading volume was 1.44 billion shares worth 872 million Singapore dollars. Advancers outnumbered decliners 281 to 170, while 509 stocks did not move.

CapitaLand inched up 0.3 percent to 3.37 Singapore dollars. It announced its serviced residence business unit, The Ascott Limited, entered into a joint venture with Qatar Investment Authority to set up a 600 million Singapore dollar serviced residence fund with an initial focus on Asia Pacific and Europe.

The partnership with the Gulf Arab state's sovereign wealth fund is part of CapitaLand's target to launch six new funds with total assets under management of up to 10 billion Singapore dollars by 2020.

Among top actives, Vallianz Holdings jumped 8 percent to 5.4 Singapore cents. It has clinched a time charter valued at up to 300 million U.S. dollars to supply two self elevating platforms to an existing customer in the Middle East, which is one of the world 's largest national oil companies. Both vessels are expected to be deployed from the third quarter of 2015 for a period of five years, with the customer having an option to extend the charter for another two years until 2022.

Among top gainers, DBS Group rose 1.5 percent to 20.95 Singapore dollars, while Jardine Strategic became one of the top losers by falling 1.2 percent to 30.30 U.S. dollars. (1 U.S. dollar equals 1.35 Singapore dollars) Endi