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Roundup: Singapore stocks end up 0.17 pct

Xinhua, March 16, 2016 Adjust font size:

Singapore shares closed 0.17 percent higher on Wednesday, as investors waited anxiously for the U.S. Federal Reserve to provide guidance on the risk of U.S. rate hikes this year.

While no move is expected at this meeting, investors will look for updates of Federal Reserve members' economic projections and a news conference with Chair Janet Yellen, events that have often caused violent market reactions in the past.

Meanwhile, oil prices managed to rebound after data showed U.S. crude stockpiles rose by less than half what analysts expected.

Singapore's benchmark Straits Times Index rose 4.77 points to 2,844.21 points. Trading volume was 1.3 billion shares worth 741 million Singapore dollars. Advancers slightly outnumbered decliners 201 to 196, while 524 stocks did not move.

Vard Holdings jumped 6.2 percent to 20.5 Singapore cents. The shipbuilder has signed a Letter of Intent for the construction of four luxury expedition cruise vessels for French cruise company Ponant.

The ice-class expedition cruise vessels will be 10,000 gross tons. Each vessel can accommodate 180 passengers (92 cabins) and a crew of 110. The vessels will be arranged with high class of luxury facilities on board.

SembCorp Industries rose 1.7 percent to 3.05 Singapore dollars. It announced that it is raising shareholding in its second thermal power plant in India - NCC Power Projects (NCCPP), which has been renamed SembCorp Gayatri Power, from 49 percent to 88 percent. The remaining 12 percent shares will be held by partner Gayatri Energy Ventures.

Total consideration, estimated to be around 134 million Singapore dollars, will be funded by a mix of internal funds and borrowings.

Among the top gainers, Jardine Cycle and Carriage rose 1.9 percent to 39.73 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 1.1 percent to 53.76 U.S. dollars. (1 U.S. dollar equals to 1.38 Singapore dollars) Endit