Singapore stocks end up 1.9 pct

Singapore shares closed 1.9 percent higher on Wednesday, as investors were relieved after U.S. Federal Reserve Chair maintained cautious stance on monetary policy outlook.

Federal Reserve Chair Janet Yellen signaled the central bank remains wary of raising interest rates amid threats to American growth from a slowing global economy. She indicated that deteriorating world growth warrants a slow approach to tightening monetary policy.

DBS Group Research said"consensus now expects the Federal Reserve to hold rates steady in April and pegs just a 30-percent chance for a June rate hike, down from 40 percent a week ago."

Singapore's benchmark Straits Times Index rose 53.70 points to 2,872.78 points. Trading volume was 1.41 billion shares worth 1.19 billion Singapore dollars. Advancers outnumbered decliners 291 to 125, while 505 stocks did not move.

SembCorp Industries rose 3.4 percent to 3.08 Singapore dollars. It has signed a long-term power purchase agreement with Myanmar Electric Power Enterprise for the supply of 225 megawatts of power for a period of 22 years. The power to be supplied will be produced by SembCorp's upcoming power project in Myingyan, Mandalay.

Karin Technology gained 1.9 percent to 27 Singapore cents. It announced that its subsidiary, KCF A Store which engages in the selling of Apple products and accessories through its In-Smart retail shops, has issued a termination notice to Apple Asia to terminate the Apple Authorized Reseller Agreement in relation to the selling of Apple products, with effect from June 30 this year. Due to the current challenging business environment, Karin has decided to focus on other areas.

Among the top gainers, Jardine Cycle and Carriage rose 3.5 percent to 40.90 Singapore dollars, whereas Bukit Sembawang became one of the top losers by falling 1.1 percent to 4.32 Singapore dollars. (1 U.S. dollar equals to 1.35 Singapore dollars) Endit