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Roundup: Singapore stocks end up 2.68 pct

Xinhua, February 15, 2016 Adjust font size:

Singapore shares closed 2.68 percent higher on Monday, buoyed by a strong fix for Chinese yuan and smaller-than-expected losses in Shanghai stocks given the wild swings seen worldwide recently.

The People's Bank of China (PBOC) fixed yuan at a firm level on Monday, hoping to deflect speculation about a possible devaluation.

China's central bank governor Zhou Xiaochuan said on Saturday that he saw no "basis for continued depreciation in the yuan" and China would keep it stable versus a basket of currencies while allowing greater volatility against the U.S. dollar.

While the January readings on Chinese trade showed exports fell 6.6 percent and imports dived 14.4 percent in yuan terms from a year earlier, the Shanghai Composite Index returned from the Lunar New Year holidays with loss less than 1 percent, a relatively benign move.

Singapore's benchmark Straits Times Index jumped 67.95 points to 2,607.90 points. Trading volume was 901 million shares worth 1.35 billion Singapore dollars. Advancers outnumbered decliners 234 to 136, while 553 stocks did not move.

Among top actives, Technics Oil and Gas Limited sank 80.8 percent to 11.9 Singapore cents. The oil and gas contractor announced that it had stopped discussions after the company and potential buyers failed to reach definitive agreements on the sales of certain asset.

It had suspended its stock on Jan. 6 to give itself more time to negotiate what it described as a "major disposal". It recently reported deeper first-quarter losses of 1.21 million Singapore dollars, compared with a loss of 593,000 Singapore dollars a year ago. Its revenue also fell 18 percent to 15.17 million Singapore dollars.

ComfortDelGro rose 2.9 percent to 2.87 Singapore dollars. The transport operator reported a 6.5 percent increase in financial year 2015 net profit to 301.9 million Singapore dollars, on the back of a 1.5 percent growth in revenue to 4.1 billion Singapore dollars. The company attributed the earning growth to stronger performances in the bus, taxi, rail, and car rental and leasing businesses.

Among top gainers, Jardine Cycle and Carriage rose 3.5 percent to 39.06 Singapore dollars, while Jardine Strategic became one of the top losers by falling 1.1 percent to 27.60 U.S. dollars. (1 U.S. dollar equals to 1.40 Singapore dollars) Enditem