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Roundup: Singapore stocks end up 0.05 pct

Xinhua, March 23, 2016 Adjust font size:

Singapore shares closed 0.05 percent higher on Wednesday, as most investors were cautious after the terror attacks in Brussels of Belgium.

Most U.S. stocks fell moderately as investors turned to safe haven assets such as gold and the U.S. dollar following the deadly terrorist attacks in Brussels.

Singapore's benchmark Straits Times Index inched up 1.33 points to 2,881.98 points. Trading volume was 1.32 billion shares worth 978 million Singapore dollars. Advancers slightly outnumbered decliners 213 to 173, while 537 stocks did not move.

StarHub inched up 0.6 percent to 3.34 Singapore dollars, while mm2 Asia jumped 3.8 percent to 54 Singapore cents. Starhub has acquired a 9.05 percent stake in the content producer mm2 Asia for 18 million Singapore dollars or 41 Singapore cents per share via a share placement exercise.

Through this deal, StarHub intends to expand its pay television offerings through original content creation to differentiate itself. StarHub may also choose to tap on mm2's cineplex business to showcase its content in China and Malaysia as well as gain access to top-rated concerts and artistes through UnUsUaL, of which mm2 owns a stake.

For mm2 Asia, the placement price represents a discount of approximately 19.2 percent to the last volume weighted average price. The estimated net proceeds of 17.98 million Singapore dollars will be used for general working capital purposes.

Among the top gainers, Great Eastern Holdings rose 0.9 percent to 22.06 Singapore dollars, whereas Jardine Strategic became one of the top losers by falling 0.5 percent to 29.98 U.S. dollars. (1 U.S. dollar equals 1.37 Singapore dollars) Endit