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Roundup: Singapore stocks end up 2.22 pct

Xinhua, October 7, 2015 Adjust font size:

Singapore shares closed 2.22 percent higher on Tuesday, after oil prices jumped to one-month highs overnight.

Oil prices rose on news that non-OPEC (Organization of the Petroleum Exporting Countries) producer Russia and key OPEC member Saudi Arabia discussed the oil market last week. Brent crude oil was last up 0.7 percent at 52.30 U.S. dollars a barrel in early Asia trade, after jumping more than 5 percent during U.S. trade overnight.

Meanwhile, investors also shrugged off report from the International Monetary Fund (IMF) that it downgraded the 2015 global growth outlook, citing a slowdown in emerging markets. The IMF sees the global economy expanding by 3.1 percent in 2015, down from 3.3 percent.

DBS Group Research said "the prospect of 'later and slower' U.S. rate hikes has seen some funds flow returning to emerging markets and Asia markets. A counter-trend rally had started last week."

Singapore's benchmark Straits Times Index jumped 64.40 points to 2,961.81 points. Trading volume was 1.97 billion shares worth 1. 58 billion Singapore dollars. Advancers outnumbered decliners 352 to 98, while 486 stocks did not move.

Jacks International soared 90.5 percent to 80 Singapore cents. Creative Elite Holdings intends to make a mandatory unconditional cash offer for all issued ordinary shares of at 80 Singapore cents per share. Creative Elite has approximately 66.08 percent stake in Jacks International. Creative Elite is an investment holding company and its sole shareholder has a company in China whose business includes brand licensing, promotion and distribution of consumer products.

Among the top gainers, Jardine Matheson jumped 2.9 percent to 50.85 U.S. dollars, whereas Singapore Airlines became one of the top losers by falling 0.6 percent to 10.64 Singapore dollars. (1 U. S. dollar equals to 1.41 Singapore dollars) Endi