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Roundup: Singapore stocks end up 1.26 pct

Xinhua, March 17, 2016 Adjust font size:

Singapore shares closed 1.26 percent higher on Thursday, after the U.S. Federal Reserve laid out a more cautious plan for interest-rate increases Wednesday.

The Federal Reserve held interest rates steady as expected. But Federal Reserve Chair Yellen said the central bank now expects the federal-funds rate to rise to 0.875 percent by the year end, implying just two interest-rate increases.

That's a change from December when officials projected four increases this year. The forecast reflects Federal Reserve officials' uncertainty about the global economy, and brings their rate expectations closer to those of investors.

DBS Group Research said "we maintain our view that near-term reaction upside should be capped around 2,900 points. We see a more likely range of 2,720 points and 2,920 points for the Straits Times Index in coming weeks."

Singapore's benchmark Straits Times Index rose 35.96 points to 2,880.17 points. Trading volume was 1.57 billion shares worth 1.19 million Singapore dollars. Advancers outnumbered decliners 277 to 130, while 514 stocks did not move.

Sunpower Group jumped 11.8 percent to 28.5 Singapore cents. It announced it has secured a contract from Jiangsu Xinhua Semiconductor Materials Technology, which is a subsidiary of Jiangsu Zhongneng, to supply 34 reduction furnaces for semiconductor-grade polysilicon project.

Sunpower has maintained a good strategic partnership with Jiangsu Zhongneng since 2009. The contract value is 97.6 million Chinese yuan and expected to be delivered this year.

Besides, Sunpower Group has also secured a contract from Sinopec Shanghai Engineering to supply piping support to Inner Mongolia Autonomous Region. The contract value is 18.5 million Chinese yuan and also expected to be delivered this year.

COSCO Corporation inched up 1.3 percent to 38.5 Singapore cents. It announced that it has secured a construction contract from an Asian ship owner to build a self-elevating workover unit with an option to build another similar unit.

COSCO Nantong and the ship owner have agreed to keep the contract price confidential. The unit is scheduled for delivery in the third quarter of 2017.

Among the top gainers, Jardine Matheson rose 1.9 percent to 54.79 U.S. dollars, whereas Jardine Strategic became one of the top losers by falling 0.8 percent to 28.68 U.S. dollars. (1 U.S. dollar equals to 6.488 Chinese yuan and 1.36 Singapore dollars) Enditem