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Roundup: Singapore stocks end up 0.09 pct

Xinhua, September 21, 2015 Adjust font size:

Singapore shares closed 0.09 percent higher on Monday, as investors shrugged off early concerns about the health of global economy that kept investors on the sideline.

U.S. shares dropped more than 1.3 percent last Friday, after Federal Reserve Chair Janet Yellen said on Thursday that the global economic outlook appeared less certain. Investors will be waiting for flash manufacturing activity readings from China and the Euro-zone due Wednesday.

DBS Group Research said "the Federal Reserve has pushed back the initial rate hike and for the first time cited uncertainties in China and emerging markets as one of the reasons for the postponement. A December hike is still on the cards. The risk of a technical recession in Singapore is now higher with the weak August non-oil domestic exports. We are bias for a downward move towards 2,750 points before support emerges."

Singapore's benchmark Straits Times Index inched up 2.68 points to 2,882.27 points. Trading volume was 1.19 billion shares worth 838 million Singapore dollars. Decliners outnumbered advancers 220 to 183, while 534 stocks did not move.

SembCorp Industries rose 2 percent to 3.57 Singapore dollars. It announced that it has signed an agreement to divest its 40 percent stake in SembSita Pacific to joint venture partner, Suez Environnement Asia, for a sale consideration of 485 million Australian dollars. SembSita is an investment holding entity for an integrated waste management business in Australia. This divestment will result in an expected net gain of approximately 350 million Singapore dollars for SembCorp for the financial year ending Dec. 31.

Asiatravel.com closed flat at 26.5 Singapore cents. Shenzhen- listed ZhongHong Holdings intends to make a cash bid for Asiatravel.com at 30 Singapore cents a share in a deal worth 93 million Singapore dollars. ZhongHong is mainly involved in marketing, sales and development of commercial properties, mainly in the tourism space such as theme parks.

Among top gainers, Singapore Airlines rose 1.6 percent to 10.55 Singapore dollars, while Jardine Cycle and Carriage became one of the top losers by falling 1.7 percent to 28.79 Singapore dollars. (1 U.S. dollar equals to 1.396 Australian dollars and 1.41 Singapore dollars) Endi