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Roundup: Singapore stocks end up 1.41 pct

Xinhua, February 16, 2016 Adjust font size:

Singapore shares closed 1.41 percent higher on Tuesday, after oil prices gained on news of a rare private meeting of top officials from the world's biggest oil producers, which spurred speculation of an eventual deal to tackle a deep supply glut.

Brent crude futures rose 3.3 percent to 34.48 U.S. dollars a barrel, rising to their highest level in a week. U.S. crude futures also jumped back above 30 U.S. dollars. U.S. financial markets were closed for a national holiday on Monday.

Investors also took comfort on remarks from European Central Bank President Mario Draghi that the central bank is ready to ease policy further in March.

DBS Group Research said "based on historical trends, with the exception of a financial crisis, the stock market (at current level) has priced in plentiful of risk and in our opinion, including that of a possible technical recession."

Singapore's benchmark Straits Times Index rose 36.68 points to 2,644.58 points. Trading volume was 1.15 billion shares worth 1.45 billion Singapore dollars. Advancers outnumbered decliners 262 to 132, while 529 stocks did not move.

Cosco Corporation dropped 4.7 percent to 30.5 Singapore cents. It reported a net loss of 570 million Singapore dollars for financial year 2015 from net profit of 20.9 million Singapore dollars a year earlier.

Its revenue also declined 17 percent to 3.5 billion Singapore dollars, on the back of lower revenue from marine engineering in the shipyard business and lower charter rates in the shipping business.

UOB Group dropped 0.2 percent to 17.81 Singapore dollars. The banking group reported net profit of 3.21 billion Singapore dollars for financial year 2015, a 1.2 percent decline from a year ago.

Its total income rose 7.9 percent to 8.05 billion Singapore dollars, on the back of strong client franchise income and higher gains on sale of investment securities.

Among the top gainers, Jardine Matheson rose 2.5 percent to 55.84 U.S. dollars, whereas Petra Foods became one of the top losers by falling 4 percent to 2.14 Singapore dollars. (1 U.S. dollar equals 1.40 Singapore dollars) Enditem