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Roundup: Singapore stocks end up 0.46 pct

Xinhua, May 12, 2016 Adjust font size:

Singapore shares closed 0.46 percent higher on Thursday, but trading remained subdued after the U.S. stocks fell overnight.

U.S. markets dropped on concerns about consumer spending after retail stock Macy's Inc reported weak earnings. The retailer also cut its earning forecast for the year amid slumping sales.

Meanwhile, Shanghai bourse fell sharply after the China Securities Regulatory Commission (CSRC) said it would improve delisting rules to protect investors, The CSRC intended to stop the speculative activities around shell firms that unlisted entities are looking to buy up so as to do a backdoor listing. These unlisted entities tended to buy the shell stocks and inject assets, making them profitable and saving them from delisting.

Singapore's benchmark rebounded 12.52 points to 2,745.39 points. Trading volume was 1.28 billion shares worth 832 million Singapore dollars. Advancers slightly outnumbered decliners 190 to 184, while 537 stocks did not move.

Among top actives, Vard Holdings jumped 20.6 percent to 18.7 Singapore cents. The shipbuilder announced it has won a contract worth 300 million U.S. dollars from Topaz Energy and Marine to build 15 module carrier vessels. The vessels will be designed to navigate shallow river systems to transport modules through Russian waterways to oil-fields in Kazakhstan. The vessels will be delivered from Vard's yards in Romania and Vietnam starting the third quarter of next year.

Singapore Telecommunications rose 1.3 percent to 3.89 Singapore dollars. It reported net profit rose 0.8 percent to 946 million Singapore dollars in the fourth quarter ended March 31, from 938.8 million Singapore dollars a year ago. Its operating revenue, however, slipped 5.6 percent to 4.09 billion Singapore dollars from 4.34 billion Singapore dollars, owing to reduced mobile termination rates in Australia and lower handset sales in Singapore. It proposes an unchanged final dividend of 10.7 Singapore cents per share.

Among the top gainers, DBS Group rose 1.4 percent to 14.87 Singapore dollars, whereas Jardine Cycle and Carriage became one of the top losers by falling 1.5 percent to 33.51 Singapore dollars. (1 U.S. dollar equals to 1.37 Singapore dollars) Endit