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Roundup: Singapore stocks end up 0.26 percent

Xinhua, December 22, 2015 Adjust font size:

Singapore shares closed 0.26 percent higher on Tuesday after U.S. stocks rebounded overnight.

But trading throughout the day was quiet as many investors and analysts are away for the Christmas and New Year's holidays.

Market also took comfort on news of measures announced in Beijing's Central Economic Work Conference which aimed at reducing the housing supply glut, including the encouragement of institutional investors to buy inventory and rent out units, more mergers of developers, home price cuts and the removal of expired or obsolete restrictions in the property market.

Singapore's benchmark Straits Times Index rose 7.42 points to 2,852.97 points. Trading volume was 1.21 billion shares worth 664 million Singapore dollars. Advancers outnumbered decliners 223 to 159, while 544 stocks did not move.

Linc Energy jumped 5.9 percent to 12.8 Singapore cents. The oil and gas company said it has entered into agreements to raise 2.9 million Singapore dollars by selling 24 million new shares at 12.105 Singapore cents each. It also said it has received indicative support from noteholders holding over 69 percent of its 200 million U.S. dollar 7 percent convertible notes due 2018, for its plans to amend various terms of the notes.

Transcorp Holdings dropped 2.3 percent to 13 Singapore cents. The investment holding company is buying a 88.5 percent stake in Regal Motors for not more than 20 million Singapore dollars. Regal Motors is a Singapore-based parallel importer and an authorized distributor of Lorinser brand of automobiles. The proposed acquisition marks Transcorp's foray into the automobile industry. In the financial year 2015 ended September 30, Regal reported a net profit of 2.36 million Singapore dollars which came on the back of 14.3 million Singapore dollars of revenue. For the year, the company sold 99 vehicles and held an inventory of 92 vehicles.

Among the top gainers, Jardine Matheson rose 0.7 percent to 48 U.S. dollars, whereas Jardine Cycle and Carriage became one of the top losers by falling 0.9 percent to 33.69 Singapore dollars. (1 U.S. dollar equals to 1.40 Singapore dollars) Endit