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Roundup: Singapore stocks end up 0.94 pct

Xinhua, September 17, 2015 Adjust font size:

Singapore shares closed 0.94 percent higher on Thursday, as investors waited for the Federal Reserve's announcement on rate decision later in the day.

DBS Group Research said "U.S. stocks rose further ahead of the Federal Reserve's decision on rates tonight on the hope that markets can finally get over the uncertainty of the first rate hike. A hike tonight followed by dovish comments hinting no further hikes till next year should be treated positively as the uncertainty is removed and it tells of the Federal Reserve's confidence in the U.S. economy. In this case, we expect the Straits Times Index to head towards the trading range high of 3, 050 points."

However, DBS also said "a delay in the rate hike till December prolongs the wait and tells of the Federal Reserve's caution about current macro uncertainties. In this case, investors will return to the sidelines, equity markets will drift lower and Straits Times Index should head towards 2,750 points."

Singapore's benchmark Straits Times Index rose 27.07 points to 2,895.81 points. Trading volume was 1.08 billion shares worth 1.15 billion Singapore dollars. Advancers outnumbered decliners 221 to 161, while 557 stocks did not move.

Sunpower Group rose 3.1 percent to 20 Singapore cents. It has entered into a placement agreement with Stirling Coleman Capital to place up to 400 million shares at an issue price of 14 Singapore cents per share, raising gross proceeds of up to 56 million Singapore dollars. The group intends to use the proceeds to finance its investment in new projects.

Pharmesis International has no trading on Thursday. It has entered into a share subscription agreement with Shenzhen Sichuang Meishi Pharmaceuticals Research And Development, a Chinese company that undertakes research and development of pharmaceutical drugs. Under the agreement, the latter will subscribe for 3 million new shares in Pharmesis for 1.5 million Singapore dollars. The issue price represents a 67 percent premium to the last volume-weighted average price. The group intends to use the bulk of the net proceeds to acquire an office space to house its headquarters.

Among top gainers, Jardine Matheson rose 0.9 percent to 47.54 U. S. dollars, while Petra Foods became one of the top losers by falling 4.9 percent to 2.79 Singapore dollars. (1 U.S. dollar equals to 1.40 Singapore dollars) Endi