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Roundup: Singapore stocks end up 1.14 pct

Xinhua, March 9, 2016 Adjust font size:

Singapore shares closed 1.14 percent higher on Wednesday, as investors bought stocks in the afternoon ahead of the European Central Bank (ECB) monetary policy meeting Thursday.

Market largely expected the ECB to ease policy, though some investors are concerned that a stimulus expansion could fall short of expectations.

Singapore's benchmark Straits Times Index rose 31.66 points to 2,810.43 points. Trading volume was 2.02 billion shares worth 1.2 billion Singapore dollars. Advancers outnumbered decliners 243 to 147, while 531 stocks did not move.

Hyflux Limited jumped 11.5 percent to 63 Singapore cents. It has been given a letter of intent for a contract by the General Authority for the Suez Canal Economic Zone to construct the Ain Sokhna Integrated Water and Power Project in Egypt.

The desalination plant is designed to produce 150,000 cubic meters of water per day. An on-site 457 megawatt combined cycle gas turbine power plant will be constructed to generate power and supply electricity to the desalination plant. Excess power will be dispatched to the grid and go towards supplying the Egyptian's governorates needs.

The total value of the engineering, procurement and construction contract is 500 million U.S. dollars, with construction slated to start once contract terms have been finalized. A 25-year operation and maintenance contract will be awarded to Hyflux for this plant.

Among the top gainers, Jardine Cycle and Carriage rose 0.9 percent to 39.15 Singapore dollars, whereas Jardine Strategic became one of the top losers by falling 2.5 percent to 28.14 U.S. dollars. (1 U.S. dollar equals 1.38 Singapore dollars) Endit