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Roundup: Singapore stocks end up 1.49 pct

Xinhua, September 9, 2015 Adjust font size:

Singapore shares closed 1.49 percent higher on Wednesday, as investors took comfort on news that China will boost infrastructure spending.

China's Ministry of Finance says it will enact "stronger proactive fiscal policy" to counteract the country's economic slowdown, pledging late Tuesday to inject about 200 billion Chinese yuan into infrastructure spending, and introduce sweeping tax reform, including the plan to cut dividend taxes.

Nomura Research said "the stronger proactive fiscal policy stance is in line with our view that fiscal stimulus will play a larger role in boosting growth in second half," thus maintaining forecast that China's fiscal deficit will widen to 2.8 percent of gross domestic product in 2015 from a budgeted 2.3 percent.

The benchmark Straits Times Index rose 42.86 points to close at 2,928.18 points. Trading volume was 1.33 billion shares worth 1.24 billion Singapore dollars. Advancers outnumbered decliners 308 to 114, while 513 stocks closed unchanged.

Among top actives, Cordlife Group rose 3.8 percent to 1.365 Singapore dollars. It announced that Hong Kong incorporated Robust Plan Private Limited has withdrawn its offer for Cordlife's shares and convertible notes in U.S.-listed China Cord Blood Corp (CCBC) with immediate effect. Robust Plan cited an offer by Nanjing Xinjiekou Department Store for all of CCBC's China business for its change of position on its unsolicited revised offer.

Hu An Cable Holdings surged 22.2 percent to 1.1 Singapore cents. It announced that it is facing calls by local government of Wuxi City, Guanlin Town in China to sell its subsidiaries even as the company revealed that two-thirds of orders in a key business segment have been delayed. The proposal came in the wake of problems that Hu An Cable has faced recently regarding suppliers and customers in the region.

Among the top gainers, UOB rose 2.6 percent to 19.80 Singapore dollars, while Jardine Matheson dropped 1.9 percent to 48 U.S. dollars. (1 U.S. dollar equals to 6.379 Chinese yuan and 1.42 Singapore dollars) Endi