Singapore stocks end up 1.65 pct

Singapore shares closed 1.65 percent higher on Tuesday, buoyed by rise in U.S. markets overnight.

U.S. stocks ended higher on Monday, fueled by a jump in Apple shares and gains from energy stocks that were backed by stronger oil prices.

DBS Group Research said "our view remains for the Straits Times Index to trade within 2,700 points to 2,835 points in the weeks ahead. The 2,685 points level is crucial. If the current correction continues beyond this level, the downtrend should extend further to 2,600 points before finding support."

Singapore's benchmark Straits Times Index rose 45.05 points to 2,781.11 points. Trading volume was 1.8 billion shares worth 1.18 billion Singapore dollars. Advancers outnumbered decliners 268 to 156, while 483 stocks did not move.

Singapore Airlines fell 1.6 percent to 10.63 Singapore dollars. Its system-wide passenger load factor (PLF) improved 1.8 percentage points to 77.1 percent in April. Its passenger carriage increased 1.9 percent compared to last year, against a 0.5 percent decrease in capacity.

Comparing year-on-year, demand of Singapore Airlines was boosted by East Asia routes primarily on the back of promotional activities. Its overall cargo load factor was 1.3 percentage points higher with growth in cargo traffic of 8.5 percent exceeding overall capacity increase of 6.3 percent. East Asia, Europe and South West Pacific regions showed an improvement in load factor with demand outpacing capacity changes.

Among the top gainers, Jardine Cycle and Carriage rose 4.6 percent to 33.71 Singapore dollars, whereas Courage Marine became one of the top losers by sinking 12.1 percent to 69 Singapore cents. (1 U.S. dollar equals to 1.37 Singapore dollars) Endit