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Roundup: Singapore stocks end up 0.85 pct

Xinhua, November 3, 2015 Adjust font size:

Singapore shares closed 0.85 percent higher on Tuesday, after U.S. stocks rebounded overnight.

The beaten-down energy and the acquisition-driven healthcare stocks led Wall Street end firmer on Monday. Data showed while U.S. manufacturing activity ticked lower for a fourth month, a rise in new orders offered hope for better times ahead, and construction spending also rose in September to the highest in seven-and-a-half years.

DBS Group Research said "we believe that the rebound in the Singapore equity market has reached its high at 3,100 points last week. Over the course of the past month, our initial two upside levels of 3,050 points and 3,100 points for the Straits Times Index was fulfilled but not 3,150 points."

Singapore's benchmark Straits Times Index rebounded 25.15 points to 2,999.56 points. Trading volume was 1.31 billion shares worth 880 million Singapore dollars. Advancers outnumbered decliners 265 to 140, while 523 stocks did not move.

Singapore Post Limited rose 1.3 percent to 1.915 Singapore dollars. It reported a 38.5 percent rise in second-quarter net profit to 53.4 million Singapore dollars due to a one-time gain, from 39.43 million Singapore dollars a year ago.

Its quarterly revenue rose 19.4 percent to 263.17 million Singapore dollars from 220.34 million Singapore dollars. It said it continues to invest in its eCommerce business, chasing revenue from new ventures as its traditional postal business slows.

Zagro Asia halted trading on Tuesday. The directors of the manufacturer and distributor of healthcare products for livestock, poultry, aquatic animals and crops are seeking the voluntary delisting of the company from the Singapore Exchange.

Under the delisting proposal, the directors are making an offer to acquire all the issued and paid-up shares in the capital of the company for 30 cents each. This is 15.4 percent higher than Zagro Asia's last traded price of 26 Singapore cents.

Among the top gainers, Jardine Cycle and Carriage rose 1.8 percent to 33.20 Singapore dollars, whereas Jardine Strategic became one of the top losers by falling 0.9 percent to 29.73 U.S. dollars. (1 U.S. dollar equals to 1.40 Singapore dollars) Enditem