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Roundup: Singapore stocks end up 1.77 pct

Xinhua, March 4, 2016 Adjust font size:

Singapore shares closed 1.77 percent higher on Friday, as investors awaited U.S. jobs data for February.

The rebound could continue if the February U.S. employment report due later in the day shows job gains but remains weak enough to discourage rate increases in the near term. Market in average expected to show an addition of 200,000 jobs in February, which could shed light on when the U.S. Federal Reserve plans to raise interest rates again.

Singapore's benchmark Straits Times Index rose 49.38 points to 2,837 points. Trading volume was 2.04 billion shares worth 1.75 billion Singapore dollars. Advancers outnumbered decliners 273 to 143, while 505 stocks did not move.

Yanlord Land rose 0.4 percent to 1.155 Singapore dollars. The Standard and Poor's upgraded the Singapore-listed Chinese developer's rating to BB- from B+ with stable outlook. The rating agency says it raised the rating to reflect Yanlord's improved leverage in 2015 as a result of stronger-than-expected sales performance and restrained land acquisitions.

It forecasts that the company's key credit metrics will remain at a similar level in the coming 12 months and also expects Yanlord's profitability to be stable in the next two years.

Hongkong Land Holding rose 1.4 percent to 2.85 Singapore dollars. It reported full-year net profit fell 3 percent to 905 million U.S. dollars. After taking into account net non-trading gains of 1.1 billion U.S. dollars recorded on property valuations of the group's investment properties, the net profit should be 2 billion U.S. dollars.

This is higher than the 1.32 billion U.S. dollars recorded in 2014, which included net valuation gains of 397 million U.S. dollars. It recommended a final dividend of 13 U.S. cents per share. This brings total dividend for the year to 19 U.S. cents per share, unchanged from the previous year.

Among top gainers, DBS Group rose 4.4 percent to 15.36 Singapore dollars, while Jardine Matheson became one of the top losers by falling 2.1 percent to 56.49 U.S. dollars. (1 U.S. dollar equals to 1.38 Singapore dollars) Endit