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Roundup: Singapore stocks end up 0.37 pct

Xinhua, December 23, 2015 Adjust font size:

Singapore shares closed 0.37 percent higher on Wednesday as crude oil prices stabilized and Chinese yuan steadied throughout the day.

U.S. oil prices remained down more than 32 percent for the year but climbed above 36 U.S. dollars a barrel on Tuesday in New York. Brent crude futures also stayed above 36 U.S. dollars a barrel in Asian trading.

Meanwhile, China's central bank has guided its currency slightly stronger this week, after several days of weakening. Still, the onshore yuan now sits slightly higher than its record low against the greenback reached in 2011.

Singapore's benchmark Straits Times Index rose 10.68 points to 2,863.65 points. Trading volume was 1.26 billion shares worth 709 million Singapore dollars. Advancers outnumbered decliners 250 to 153, while 519 stocks did not move.

Among top actives, Noble Group jumped 4.5 percent to 46 Singapore cents. The Singapore-listed commodities trader announced that the company is selling its remaining 49 percent stake in its agricultural unit to China's Cofco Group for 750 million dollars and retains the right to benefit from a future sale or IPO of this agricultural products unit.

Last year, Cofco bought 51 percent of Noble Agri for 1.5 billion U.S. dollars. The sale will fulfill its promise to raise over 500 million U.S. dollars to bolster its balance sheet after credit rating firms threatened a downgrade. 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.

Sunpower Group sank 6.6 percent to 28.5 Singapore cents. It announced that it has won a contract worth 817 million Chinese yuan to build a low-emissions steam and power generation plant at Changrun in China's Hebei Province. Sunpower had requested a trading halt on Monday after shares jumped 10.9 percent.

Among the top gainers, DBS Group rose 1.1 percent to 16.54 Singapore dollars, whereas Jardine Strategic became one of the top losers by falling 0.8 percent to 27.02 Singapore dollars. (1 U.S. dollar equals to 6.476 Chinese yuan and 1.41 Singapore dollars) Endit