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Roundup: Singapore stocks end up 0.22 pct

Xinhua, January 25, 2016 Adjust font size:

Singapore shares closed 0.22 percent higher on Monday, led by gains in crude oil prices since last Friday.

While recently under pressure from a global glut, crude oil jumped as harsh winter weather across northern hemisphere boosted demand for heating oil. U.S. crude climbed 9 percent and Brent crude futures bounced 10 percent last Friday.

DBS Group Research said "expectations for a more dovish commentary by the U.S. Federal Reserve (this Thursday) that recognizes the developments over the past two to three weeks and leaning to lesser rate hikes could be what the stock market needs to deliver a much needed short-term positive respite. A dovish Federal Reserve commentary will lead to a decline in the U.S. dollar against regional currencies and a rebound in oil and dollar-denominated commodities."

Singapore's benchmark Straits Times Index rose 5.55 points to 2,582.64 points. Trading volume was 910 million shares worth 1.04 billion Singapore dollars. Decliners outnumbered advancers 215 to 177, while 531 stocks did not move.

Among top actives, Keppel Corporation fell 4.2 percent to 4.81 Singapore dollars. It announced it will consolidate its interests in four asset management businesses under one subsidiary, saying the move will help expand its capital platform.

The consolidation, which would include the managers of Keppel Infrastructure Trust, Keppel DC REIT, Keppel REIT and Alpha Investment Partners, would not change the unit-holdings in the property trusts or investments in the funds. The businesses currently manage 26 billion Singapore dollars of assets.

Vallianz Holdings fell 4.9 percent to 3.9 Singapore cents. The Singapore-listed offshore support vessels operator announced China's state-owned rail equipment maker CRRC Corporation acquired 13.9 percent of Vallianz shares for 23.7 million Singapore dollars. The transaction will allow CRRC to expand into the marine segment.

Among top gainers, UOB rose 2.2 percent to 18 Singapore dollars, while Great Eastern Holdings became one of the top losers by falling 1 percent to 19.77 Singapore dollars. (1 U.S. dollar equals to 1.43 Singapore dollars) Enditem