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Singapore stocks end up 0.16 pct

Xinhua, June 2, 2016 Adjust font size:

Singapore shares closed 0.16 percent higher on Thursday, as investors wait for the results of meetings by the Organization of the Petroleum Exporting Countries (OPEC) as well as the European Central Bank.

Crude oil prices fell as delegates of OPEC members continued to play down the changes of any coordinated agreement on production ahead of their official Thursday meeting. The European Central Bank is also set to conclude a two-day meeting Thursday, but market players expect no major changes from the central bank.

Investors were also looking ahead to Friday's U.S. jobs report, the final monthly employment reading before the Federal Reserve's June meeting.

Singapore's benchmark Straits Times Index rose 4.55 points to 2,795.09 points. Trading volume was 1.17 billion shares worth 731 million Singapore dollars. Advancers slightly outnumbered decliners 191 to 173, while 547 stocks did not move.

COSCO Corporation advanced 1.6 percent to 32 Singapore cents. It has secured a contract from CMA CGM to build four container vessels. The parties have agreed to keep the contract price confidential. The container vessels are scheduled for delivery between March 31, 2018 and August 31, 2018.

Olam International rose 0.3 percent to 1.805 Singapore dollars. It has acquired the remaining 50 percent interest in Acacia Investments (AI) it does not already own from its joint venture partner for a total consideration of 24 million U.S. dollars. AI has a significant presence in edible oils refining and distribution in East Africa.

Among the top gainers, Great Eastern Holdings rose 1.1 percent to 21.79 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 1.4 percent to 55.85 U.S. dollars. (1 U.S. dollar equals to 1.38 Singapore dollars) Endit