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Roundup: Singapore stocks end up 0.36 pct

Xinhua, August 28, 2015 Adjust font size:

Singapore shares closed 0.36 percent higher on Friday, after upbeat U.S. economic data calmed market sentiment and pushed U.S. stocks higher overnight.

Wall Street rose sharply overnight thanks to revised U.S. gross domestic product (GDP) data showing the economy grew faster than initially thought in the second quarter. Besides the upbeat U.S. GDP, last week's jobless claims also fell more than forecast, thus keeping investors' expectation that the Federal Reserve could raise interest rates this year if the economic momentum continues.

Singapore's benchmark Straits Times Index rose 10.51 points to 2,955.94 points. Trading volume was 1.98 billion shares worth 1.44 billion Singapore dollars. Advancers outnumbered decliners 277 to 189, while 472 stocks did not move.

Olam International jumped 8.4 percent to 2.07 Singapore dollars. Japanese conglomerate Mitsubishi Corporation will take a strategic 20 percent stake in Olam for 1.5 billion U.S. dollars. The new investment reinforced growing investor confidence in the company even as the commodity markets remain volatile due to an uncertain global economic outlook. Singapore state-investment firm Temasek Holdings, which remains a majority shareholder in Olam with a 51.4 percent stake, welcomed Mitsubishi's investment.

GuocoLeisure inched up 0.6 percent to 81.5 Singapore cents. It reported net profit jumped 23 percent to 47.9 million U.S. dollars in the financial year ended June 30, 2015, from 39 million U.S. dollars the year before. The improved earning can be mainly attributed to the diversified entity's lower finance costs. Its revenue fell 8 percent to 423.2 million U.S. dollars from 461.9 million U.S. dollars, due mainly to lower Bass Strait oil and gas royalty and gaming revenue. It said its refurbishment program for its hotels is ongoing and the impact of rooms not available for sale due to refurbishment will also continue.

Among top gainers, Jardine Matheson rose 4.1 percent to 50.74 U. S. dollars, while DBS Group became one of the top losers by falling 0.4 percent to 18.01 Singapore dollars. (1 U.S. dollar equals to 1.41 Singapore dollars) Endi