Roundup: Singapore stocks end up 1.62 pct

Singapore shares closed 1.62 percent higher on Tuesday, as investors continued to take comfort in expectation of delay in U.S. rate hike.

While the U.S. Federal Reserve had said recently it is likely to raise interest rates this year as the economic recovery progresses, the surprisingly weak U.S. jobs data led many investors to lower expectations of a rate hike by the year-end.

Also mildly supporting the market was the news that twelve Pacific Rim countries including the U.S., Japan and Singapore reached an accord over the Trans-Pacific Partnership trade deal overnight.

DBS Group Research said "Straits Times Index rose above its immediate resistance at 2,840 points yesterday. This move is crucial. Technically, it eliminates the possibility of an ' undershoot' towards 2,660 points and nails an important low at 2, 740 points."

"With that, we lift the upward retracement levels to 2,890 points and 2,930 points range followed by 2,985 points and 3,050 points range. Meanwhile, pullback from 2,890 points and 2,930 points range should find support at 2,840 points."

Singapore's benchmark Straits Times Index jumped 46.16 points to 2,897.41 points. Trading volume was 1.48 billion shares worth 1. 24 billion Singapore dollars. Advancers outnumbered decliners 263 to 138, while 530 stocks did not move.

Chip Eng Seng Corporation rose 1.6 percent to 63.5 Singapore cents. It has entered into a contract to purchase the site at Separation Street in Northcote, Australia's Victoria. The purchase price of the two properties collectively is 27 million Australian dollars. The properties have a total site area of 17,857 square meters and provide opportunity for significant residential redevelopment.

Among the top gainers, Jardine Matheson jumped 4.4 percent to 2. 96 U.S. dollars, whereas Petra Foods became one of the top losers by falling 2.5 percent to 2.68 Singapore dollars. (1 U.S. dollar equals to 1.40 Australian dollars and 1.43 Singapore dollars) Endi