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Writethru: Singapore stocks end up 0.59 pct

Xinhua, June 7, 2016 Adjust font size:

Singapore shares closed 0.59 percent higher on Tuesday after U.S. Federal Reserve Chair Janet Yellen said a rate hike is likely on the way but did not say when.

Yellen said while last month's jobs report was "disappointing" and bears watching, the U.S. economic outlook remained largely upbeat, warning against attaching too much significance to the payrolls data in isolation.

Her comments came after U.S. nonfarm jobs data last Friday missed market expectations, signaling job growth was slowing down amid softer economic growth and greatly reducing the odds of a U.S. rate-hike this month.

Meanwhile, oil prices held firm on crippling attacks on Nigeria's oil industry and fresh draws in U.S. crude stockpiles. Global crude benchmark Brent futures remained above 50 U.S. dollars per barrel on Asian trading.

Singapore's benchmark Straits Times Index rose 16.81 points to 2,848.09 points. Trading volume was 1.69 billion shares worth 945 million Singapore dollars. Advancers outnumbered decliners 262 to 129, while 518 stocks did not move.

Q&M Dental Group ended flat at 76 Singapore cents. The dental clinics operator announced a deal to buy a 47 percent equity stake in a company that owns dental laboratories in China. The stake in Shenzhen New Perfect Dental Research represents an effective interest of 33 percent in the Chinese company's business of providing custom-made prostheses to dental patients in 15 cities that include Shenzhen, Guangzhou and Ningbo.

Oversea-Chinese Banking Corporation rose 0.7 percent to 8.82 Singapore dollars. Its insurance unit, Great Eastern Holdings, has sold its life insurance business in Vietnam to FWD Life Insurance for 48.2 million Singapore dollars. Both Oversea-Chinese Banking and Great Eastern say the sale was part of the effort to increase focus to grow the core markets of Singapore and Malaysia as well as Indonesia and Brunei.

Among the top gainers, Jardine Matheson rose 1.8 percent to 56.38 U.S. dollars, whereas Singapore Airlines became one of the top losers by falling 0.8 percent to 10.57 Singapore dollars. (1 U.S. dollar equals 1.35 Singapore dollars) Endit