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Roundup: Singapore stocks end up 2.22 pct

Xinhua, March 3, 2016 Adjust font size:

Singapore shares closed 2.22 percent higher on Thursday, after energy and bank stocks led Wall Street higher overnight.

Crude oil prices rose as investors shrugged off record high U.S. crude stockpiles and instead focused on an Organization of the Petroleum Exporting Countries (OPEC) plan to freeze production, keeping alive talk the oil market had bottomed from a near two-year sell-off.

Investors also took comfort in report showing U.S. private sector jobs rose a surprisingly strong 214,000 in February, adding to speculation Friday's payrolls report would also be upbeat.

DBS Group Research said "we do not rule out a pullback from 2,750 points and 2,770 points down towards 2,680 points first, before heading up again to 2,900 points by April. March and April are traditionally a benign period for Singapore market as blue chips tend to be better supported ahead of their ex-dividend period."

Singapore's benchmark Straits Times Index jumped 60.66 points to 2,787.62 points. Trading volume was 2.05 billion shares worth 1.84 billion Singapore dollars. Advancers outnumbered decliners 258 to 162, while 501 stocks did not move.

China Everbright Water gained 2 percent to 51 Singapore cents. It announced it has entered into an agreement with Zhangqiu municipal government to establish a joint-venture project company adopting the Public-Private-Partnership model. China Everbright Water and the municipal government will hold equity stakes of 95 percent and 5 percent respectively in the project company which will operate Zhangqiu Number 1 Waste Water Treatment Plant and Zhangqiu Number 2 Waste Water Treatment Plant. The total designed daily waste water treatment capacity of both plants will reach 90,000 cubic meters. The total investment is approximately 160 million Chinese yuan with a concession term of 30 years.

Among the top gainers, Jardine Matheson rose 1.2 percent to 57.72 U.S. dollars, whereas Jardine Cycle and Carriage became one of the top losers by falling 0.9 percent to 39 Singapore dollars. (1 U.S. dollar equals to 6.542 Chinese yuan and 1.39 Singapore dollars) Endit