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Roundup: Singapore stocks end up 0.48 pct

Xinhua, October 26, 2015 Adjust font size:

Singapore shares closed 0.48 percent higher on Monday, after China's central bank announced a quarter-point cut in benchmark interest rates with a half-percentage reduction in banks' reserve-requirement ratio last Friday.

Friday's move marked the sixth easing measure since last November, while its cut to reserve requirement ratios was the fourth such move this year.

The easing came after the world's second-largest economy reported that its third-quarter growth slowed to 6.9 percent on year, marking the slowest rate of expansion since the beginning of 2009. U.S. stocks rallied back into positive territory for the year last Friday, also spurred by upbeat U.S. corporate earnings.

DBS Group Research now sees the possibility for the current rebound of the Straits Times Index to extend moderately further towards 3,150 points. The near-term support is around 3,045 points, firmer at around the 3,000 points level.

Singapore's benchmark Straits Times Index rose 14.61 points to 3,083.07 points. Trading volume was 1.81 billion shares worth 1.12 billion Singapore dollars. Advancers outnumbered decliners 230 to 185, while 516 stocks did not move.

Oxley Holdings rose 2.4 percent to 43.5 Singapore cents. The real-estate developer announced plans to sell 125 million Singapore dollars of four-year bonds. The bonds will carry a coupon of 5 percent per annum and mature in 2019.

Singapore Airlines shed 1.4 percent to 11 Singapore dollars. Its medium-haul budget unit Scoot will take over one of two daily Singapore to Guangzhou flights operated by Tiger Airways Holdings, Singapore Airlines' short haul discount subsidiary, and the three weekly flights to Jeddah operated by Singapore Airlines. Scoot is also taking over the Hangzhou route from SilkAir, Singapore Airlines' premium short-haul airline.

Among top gainers, Jardine Matheson rose 1.4 percent to 54 U.S. dollars, while SembCorp Marine became one of the top losers by falling 2 percent to 2.41 Singapore dollars. (1 U.S. dollar equals to 1.39 Singapore dollars) Enditem