Roundup: Singapore stocks end up 0.7 pct

Singapore shares closed 0.7 percent higher on Friday, after the European Central Bank (ECB) eased monetary policy aggressively overnight.

The ECB cut interest rates on Thursday to boost the euro-zone economy, surprising financial markets by dropping its main refinancing rate to zero from 0.05 percent. It also expanded its quantitative easing asset-buying program to 80 billion Euros a month from 60 billion euros and cut its deposit rate to -0.4 percent from -0.3 percent, charging banks more to keep their money with the ECB.

But ECB President Mario Draghi suggested it was running out of room to cut interest rates, even if other stimulus options remained.

Singapore's benchmark Straits Times Index rose 19.74 points to 2,828.86 points. Trading volume was 1.84 billion shares worth 920 million Singapore dollars. Advancers outnumbered decliners 249 to 167, while 503 stocks did not move.

OCBC rose 1.1 percent to 8.80 Singapore dollars. The banking group has priced 300 million Australian dollars of senior floating rate notes due 2020 under its 10 billion U.S. dollar global medium term note program. It will bear interest at the three-month bank bill swap reference rate plus 1.2 percent per annum, payable quarterly in arrears. The notes are expected to be issued on March 17, 2016.

Among top gainers, Jardine Strategic rose 1.4 percent to 28.73 U.S. dollars, while City Development Limited became one of the top losers by falling 0.7 percent to 7.49 Singapore dollars. (1 U.S. dollar equals to 1.336 Australian dollars, 0.9 euros and 1.38 Singapore dollars) Endit