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Roundup: Singapore stocks end up 0.09 pct

Xinhua, July 29, 2015 Adjust font size:

Singapore shares closed 0.09 percent higher on Wednesday, as investors waited anxiously for U.S. Federal Reserve's monetary-policy meeting outcome.

Market in general expects no action from Federal Reserve this time round. Instead investors are waiting for the Federal Reserve statement after the meeting to watch out for any clue of the interest rate hike later this year.

Meanwhile, Chinese officials have come out to soothe investor concerns amid the second bout of selling in past two days. On Tuesday afternoon, China's securities watchdog said it would investigate whether a coordinated dumping of shares sparked Monday 's selloff in Shanghai bourse.

DBS Group Research said "we do not expect Straits Times Index's sell-down to continue in the near-term. The index has declined 100 points in a little more than a week, near-term support is around 3, 270 points."

The benchmark Straits Times Index rose 2.91 points to close at 3,284 points. Trading volume was 1.98 billion shares worth 1.14 billion Singapore dollars. Decliners outnumbered advancers 230 to 184, while 525 stocks closed unchanged.

Global Logistic Properties Limited rose 0.8 percent to 2.48 Singapore dollars. It said it has agreed to buy a 4.55 billion U.S. dollar logistics portfolio in the U.S. from Industrial Income Trust, expanding its presence in the market by 50 percent. It would cut its stake to 10 percent in the portfolio by April 2016, while the remaining 90 percent would be placed into funds that it manages and marketed to investors. With the latest acquisition, Global Logistic Properties will become the second largest logistics property owner and operator in the U.S.

Singapore Post Limited advanced 0.8 percent to 1.92 Singapore dollars. It reported its first-quarter net profit rose 16 percent to 46.6 million Singapore dollars from 40.2 million Singapore dollars in the same period a year earlier, boosted by a 21 percent increase in revenue to 254.6 million Singapore dollars from 210.9 million Singapore dollars.

Among the top gainers, Jardine Cycle and Carriage rose 0.9 percent to 30.21 Singapore dollars, while SIA Engineering dropped 4.4 percent to 3.68 Singapore dollars. (1 U.S. dollar equals to 1. 36 Singapore dollars) Endi