Roundup: Singapore stocks end up 0.73 pct

Singapore shares closed 0.73 percent higher on Friday, with the benchmark Straits Times Index rose 22.47 points to 3,114.25 points.

Trading volume was 1.28 billion shares worth 982 million Singapore dollars. Decliners outnumbered advancers 241 to 195, while 505 stocks did not move.

But many investors remained cautious as the surprise depreciation of China's currency on Tuesday continued to weigh on market sentiment.

While the People's Bank of China (PBOC) reassured investors on Thursday there was no reason for the yuan to fall further given the country's strong economic fundamentals, the main preoccupation among most investors now is how much lower can the yuan potentially go in the coming weeks, and what effect will it have on price inflation in the coming months.

Singapore Technologies Engineering rose 1.2 percent to 3.27 Singapore cents. It announced its second-quarter revenue was down 3 percent year-on-year to 1.55 billion Singapore dollars, while net profit was also down 6 percent year-on-year to 125 million Singapore dollars. The firm declared an interim dividend of 5 Singapore cents per share and said it received orders worth 1.34 billion Singapore dollars during the second quarter.

Olam International rose 2.3 percent to 1.80 Singapore dollars. The agricultural commodity supplier reported a net profit of 94.7 million Singapore dollars in the quarter ending June 30, compared with 31.8 million Singapore dollars as most of its business segments saw growth. However, its second-quarter revenue was down 16 percent on year to 4.81 billion Singapore dollars, as the company exited from less-profitable business.

Among top gainers, Jardine Matheson rose 0.6 percent to 52.82 U. S. dollars, while Venture Corporation became one of the top losers by falling 1.4 percent to 8.17 Singapore dollars. (1 U.S. dollar equals to 1.40 Singapore dollars) Endi