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Roundup: Singapore stocks end up 0.5 pct

Xinhua, June 8, 2016 Adjust font size:

Singapore shares closed 0.5 percent higher on Tuesday, as investors expected the U.S. Federal Reserve will not raise interest rates in the coming months after a disappointingly weak U.S. jobs report.

Data published on Tuesday showed U.S. nonfarm productivity fell in the first quarter on a surge in labor-related costs, suggesting companies may have to slow hiring after their hiring earlier this year outpaced their revenue growth.

Meanwhile, crude oil prices surged on expectations of U.S. domestic stockpile draws and worries about supply shortfalls from attacks on Nigeria's oil industry. A report by trade group American Petroleum Institute on Tuesday showed a crude draw of 3.6 million barrels, larger than expectations of 2.7 million barrels. Both U.S. crude futures and Brent futures hit an eight-month high.

Singapore's benchmark Straits Times Index rose 14.29 points to 2,862.38 points. Trading volume was 1.74 billion shares worth 1.05 billion Singapore dollars. Advancers outnumbered decliners 251 to 159, while 499 stocks did not move.

Among top actives, Noble Group jumped 6 percent to 26.5 Singapore cents. The commodities supplier has requested a June 24 special general meeting of its shareholders to seek approval for a rights issue. It plans to sell 6.5 billion new shares at 11 Singapore cents each to raise close to 715 million Singapore dollars. The funds will improve Noble's liquidity position as the company battles low commodity prices and management issues.

SembCorp Marine rose 2.4 percent to 1.725 Singapore dollars. It announced it has agreed with North Atlantic Drilling to defer delivery of a drilling rig by another three months. The drilling rig will stay in Singapore for now after an "standstill agreement" with the customer was extended to Sept.2. Charter rates of drilling rigs have been pressured by excess supply and low oil prices that forced exploration and production companies to pare investments.

Among the top gainers, Keppel Corporation Limited rose 4.9 percent to 5.73 Singapore dollars, whereas Jardine Cycle and Carriage became one of the top losers by falling 0.9 percent to 34.45 Singapore dollars. (1 U.S. dollar equals to 1.35 Singapore dollars) Endit