Singapore stocks closes higher amid drop in U.S. stock market,retreat in crude oil prices

Singapore shares closed 1.05 percent higher on Friday, as investors shrugged off drop in U.S. stocks overnight amid retreat in crude oil prices.

Crude-oil prices failed to stay above 50 U.S. dollars a barrel, spurring declines in the materials and energy sectors in U.S. markets. Sentiment was also somehow affected by comments from Federal Reserve Board Governor Jerome Powell, who said Thursday it may be appropriate for the Federal Reserve to raise interest rates again "fairly soon," but maintained the hike should be proceeded at a gradual pace. U.S. markets will be closed next Monday for Memorial Day.

Singapore's benchmark Straits Times Index rose 29.20 points to 2,802.51 points. Trading volume was 781 million shares worth 916 million Singapore dollars. Advancers outnumbered decliners 212 to 144, while 557 stocks did not move.

Bukit Sembawang Estates rose 6.1 percent to 4.68 Singapore dollars. The profit and total comprehensive income for developer ended flat at 92 million Singapore dollars compared to 92.7 million Singapore dollars a year ago. Its revenue fell 26.3 percent to 282 million Singapore dollars from a year ago. It predicted the Singapore residential property market sentiment is expected to remain weak due to continuing effects of government cooling measures.

Mapletree Logistics Trust rose 0.5 percent to 98 Singapore cents. It announced plans to raise 250 million Singapore dollars in a sale of perpetual securities to meet its general corporate funding needs. The real estate investment trust will pay an annual 4.18 percent distribution on the perpetual securities and the rate will be reset every five years.

Among top gainers, Jardine Strategic DBS Group rose 1.1 percent to 29.31 U.S. dollars, while UOL Group became one of the top losers by falling 0.4 percent to 5.68 Singapore dollars. (1 U.S. dollar equals to 1.37 Singapore dollars) Endit