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Roundup: Singapore stocks end up 0.6 pct

Xinhua, July 20, 2015 Adjust font size:

Singapore shares closed 0.6 percent higher on Monday, as investors cheered Greece reluctantly agreed to negotiate a third bailout.

Greek banks are set to reopen on Monday after a three-week shutdown, while German Chancellor Angela Merkel called for swift aid talks so Athens could also lift withdrawal limits.

Meanwhile, China stocks seem to have stabilized following a barrage of measures from regulators and buying by brokerages and mutual funds to stem the recent price nosedive.

DBS Group Research said with the fear of Greece's exit from Euro-zone ending and China A-share market returning to stability, Straits Times Index quickly reclaimed back two near-term support levels at 3,270 points and 3,300 points. It is now back to the late June level of around 3,350 points, and likely to trade above 3,300 points with 3,425 points as the next resistance.

Singapore's benchmark Straits Times Index rose 20.03 points to 3,373.48 points. Trading volume was 1.89 billion shares worth 1.08 billion Singapore dollars. Advancers outnumbered decliners 286 to 172, while 495 stocks did not move.

Among top actives, Vallianz Holdings jumped 15.4 percent to 6 Singapore cents. It has signed new contracts valued up to 458 million U.S. dollars that has lengthened the charter duration for 19 of its offshore support vessels (OSV) currently deployed to an existing customer in the Middle East, which is one of the world's largest national oil companies (NOC).

Vallianz presently has 15 Anchor Handling Tug Supply (AHTS) vessels and 4 Platform Supply Vessels (PSV) supporting the offshore oil and gas operations of the NOC. With the new time charter contracts, which modify certain terms in Vallianz's previous contracts with the NOC, these vessels will continue to be deployed to the customer until June 2018, with an option to extend for two more years until June 2020.

Neptune Orient Lines surged 7.4 percent to 94 Singapore cents. A report in The Wall Street Journal citing sources saying that state-investment company Temasek Holdings is looking to sell its stake in the Singapore-listed shipping company. If Temasek sold its 65 percent stake, it would trigger an offer for the entire company, which valued around 1.7 billion U.S. dollars.

Neptune Orient Lines said "the company has not made any decision with respect to, and has not entered into any agreement for, a potential sale of the company and there is no assurance that any agreement for the sale of the company will be entered into."

Among top gainers, Jardine Matheson rose 0.7 percent to 56.22 U. S. dollars, while Jardine Strategic became one of the top losers by falling 1.1 percent to 31.99 U.S. dollars. (1 U.S. dollar equals to 1.37 Singapore dollars) Endi