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Roundup: Singapore stocks end up 0.22 pct

Xinhua, October 21, 2015 Adjust font size:

Singapore shares closed 0.22 percent higher on Wednesday, as investors counted down to the European Central Bank (ECB)'s policy meeting later in the week.

The ECB governing council will meet on Thursday and investors expect it to highlight a willingness to act to boost inflation, but not just yet. Data from the ECB showed a further easing in credit conditions and improving demand for loans in the Eurozone, which might lessen the need for the ECB to immediately ramp up its Euro asset purchase program.

Meanwhile, oil prices softened on speculation U.S. inventory data would show the extent of oversupply in the world. The U.S. Energy Information Administration will report official inventory data later Wednesday. The benchmark Brent crude oil prices continued to hover below 49 U.S. dollars per barrel overnight.

Singapore's benchmark Straits Times Index inched up 6.67 points to 3,025.7 points. Trading volume was 2.48 billion shares worth 696 million Singapore dollars (about 499 million U.S. dollars). Advancers outnumbered decliners 218 to 211, while 506 stocks did not move.

COSCO Corporation halted trading on Wednesday. It announced it has secured contracts valued at approximately 150 million U.S. dollars to build a product oil tanker, scheduled for delivery in the fourth quarter of 2016, and two cargo transfer vessels, scheduled for delivery in the third quarter of 2017 and first quarter of 2018.

CITIC Envirotech inched up 0.7 percent to 1.395 Singapore dollars. It was awarded a 400 million Chinese yuan engineering, procurement and construction contract to construct a 80,000 cubic meters per day waste water treatment plant in Tianshui City, Gansu Province, China. The project will commence immediately and it is expected to be completed in 18 months.

Among the top gainers, Jardine Matheson jumped 1 percent to 53.52 U.S. dollars, whereas Jardine Cycle and Carriage became one of the top losers by falling 2.6 percent to 31.12 Singapore dollars. Enditem