Roundup: Singapore stocks end up 1.75 pct

Singapore shares closed 1.75 percent higher on Friday, as investors bargain hunt stocks after the European Central Bank hinted of more stimulus measures.

Overnight, European Central Bank President Mario Draghi said the bank may need to review its policy stance at its next meeting, indicating the bank could be open to more stimulus measures.

Crude oil futures logged their biggest one-day gains in three months overnight, with oil prices in New York gaining 4.2 percent to 29.53 U.S. dollars a barrel on Thursday.

Meanwhile, investors took comfort in news from the World Economic Forum in Davos, Switzerland. On Thursday, China's Vice President Li Yuanchao signaled that Beijing would keep intervening in its stock market in an interview widely circulated by local media.

Singapore's benchmark Straits Times Index rose 44.39 points to 2,577.09 points. Trading volume was 1.25 billion shares worth 1.44 billion Singapore dollars. Advancers outnumbered decliners 279 to 156, while 489 stocks did not move.

Wilton Resources Corporation jumped 7.5 percent to 7.2 Singapore cents. It has entered into a non-binding framework agreement with Chinese minerals and mining group, Yunnan Chihong Resources Exploration and Development Company, a unit of Yunnan Metallurgical Group.

The agreement outlines areas of potential investment and co-operation between the two parties in the development of Wilton's Ciemas Gold Project in West Java, Indonesia. The co-operation includes the development and of a mining, processing and smelting facility as well as the exploration of Wilton's mining permit area and an equity investment by Yunnan Chihong.

Among top gainers, Jardine Matheson rose 1.2 percent to 51 U.S. dollars, while Dairy Farm International became one of the top losers by falling 2.3 percent to 5.96 U.S. dollars. (1 U.S. dollar equals to 1.43 Singapore dollars) Enditem