Off the wire
• Spotlight: China's emerging industrial sectors grow rapidly thanks to innovative policies  • Protest at Sri Lanka's airport cause international flights to be delayed  • People's Daily: The DOC brooks no distortion  • Singapore warns of fake immigration website  • Mainland company's investment in Taiwan should not be politicized: official  • Foreign exchange rates in Singapore  • Singapore stocks close 0.9 pct higher  • Eighteen killed, 20 injured in S. Philippine clashes  • Foreign exchange rates in India  • 2nd LD: Xi slams "double standards," advocates shared future in cyberspace  
You are here: 　 Home

Singapore stocks end up 0.9 pct

Xinhua, December 16, 2015 Adjust font size:

Singapore shares closed 0.9 percent higher on Wednesday, after U.S. stocks rose ahead of the U.S. Federal Reserve's policy decision later in the day.

Investors were waiting for the Federal Reserve decision later Wednesday, when it is expected to increase interest rates for the first time since 2006. DBS Group Research said the Federal Reserve is widely expected to start the next rate hike cycle. Market consensus expects two more rate hikes next year that lifts the Federal funds rate to 1 percent by end 2016. DBS sees a faster four rate hikes next year that lifts Federal funds rate to 1.5 percent a year from now. Singapore's benchmark Straits Times Index rose 25.40 points to 2,840.92 points. Trading volume was 945 million shares worth 981 million Singapore dollars. Decliners outnumbered advancers 235 to 160, while 531 stocks did not move.

Among top actives, Noble Group jumped 7.7 percent to 42 Singapore cents. The Singapore-listed commodities trader announced that the company is in advanced talks to sell its remaining 49 percent stake in its agricultural unit to China's Cofco Group.

Last year, Cofco bought 51 percent of Noble Agri for 1.5 billion U.S. dollars. The sale may raise over 700 million U.S. dollars and help Noble shore up its balance sheet.

Last month, rating companies Moody's Investors Service and Standard and Poor's said they would downgrade Noble to "junk" status from investment grade currently if its finances did not improve.

City Developments Limited surged 6.1 percent to 7.68 Singapore dollars. It announced that it will sell three of its prime office properties in Singapore to a joint venture fund with Alpha Investment Partners.

Alpha is a real estate advisory and investment firm under the local Keppel Group. The joint investment firm will be 60 percent co-financed by Alpha and the rest by City Developments, and will buy the three properties for 1.1 billion Singapore dollars.

The move allows City Developments to recycle capital for its growth and investment plans and comes amid an otherwise tepid real estate market.

Among the top gainers, Jardine Cycle and Carriage rose 2.8 percent to 34.80 U.S. dollars, whereas Venture Corporation became one of the top losers by falling 1.8 percent to 8.28 Singapore dollars. (1 U.S. dollar equals to 1.41 Singapore dollars) Enditem