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Roundup: Singapore stocks end up 0.01 pct

Xinhua, August 5, 2015 Adjust font size:

Singapore shares closed 0.01 percent higher on Wednesday, although investors were cautious following comments from a top U.S. Federal Reserve official brought forward market expectations of an interest rate increase.

Federal Reserve Bank of Atlanta President Dennis Lockhart, a member of the Federal Reserve's policy setting committee, said it would take a sharp turn for the worst in economic data to change his view in support of a rate hike after the mid-September meeting.

The benchmark Straits Times Index inched up 0.35 points to close at 3,191.39 points. Trading volume was 1.72 billion shares worth 1.28 billion Singapore dollars. Decliners outnumbered advancers 243 to 188, while 509 stocks closed unchanged.

CapitaLand Limited fell 0.3 percent to 3.17 Singapore dollars. The Southeast Asia's largest property developer reported 5.8 percent gain in its second quarter net profit to 464.0 million Singapore dollars from 438.7 million Singapore dollars a year earlier. But it said that Singapore government property cooling measures and rise in interest rate is likely to weigh on domestic private residential market, adding that "while the outlook for office occupancy in Singapore remains relatively stable over the next six months, the wave of new office completions from second half of 2016 onwards is expected to affect rental and occupancy rate in the medium term."

Terratech Group shed 1.4 percent to 6.8 Singapore cents. It has agreed to issue 4.0 percent convertible notes due 2018 in aggregate principal amount of up to 30 million Singapore dollars comprising up to three tranches, of a principal amount of 5 million Singapore dollars for the first tranche, 10 million Singapore dollars for the second tranche and 15 million Singapore dollars for the third tranche. The proceeds will be used for capital purposes of the group and to fund potential acquisition expenses.

Among the top gainers, Jardine Strategic rose 1.7 percent to 30. 11 U.S. dollars, while Jardine Cycle and Carriage dropped 2.5 percent to 30 Singapore dollars. (1 U.S. dollar equals to 1.38 Singapore dollars) Endi