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Singapore stocks end up 1.31 pct

Xinhua, June 29, 2016 Adjust font size:

Singapore shares closed 1.31 percent higher on Wednesday, as worries subside about the Brexit fallout.

But analysts said investors should proceed with caution as the mood remains fragile. UOB-Kay Hian Research, for instance, anticipated markets to continue to be volatile, so it recommended investors to seek shelter in "safe-haven-dividend-yielding stocks" in Singapore.

Singapore's benchmark Straits Times Index rose 36.20 points to 2,792.73 points. Trading volume was 1.03 billion shares worth 1.04 billion Singapore dollars. Advancers outnumbered decliners 262 to 135, while 508 stocks did not move.

Del Monte Pacific jumped 12.7 percent to 35.5 Singapore cents. It has swung back to profitability in financial year 2016 on one-off gains. For the 12 months ended April, its net profit came in at 51.5 million U.S. dollars compared to a loss of 32.2 million U.S. dollars in financial year 2015.

This was mainly due to one-off net favorable adjustments of 31.7 million U.S. dollars after tax mainly due to retirement plan amendment in the second quarter and working capital adjustment in the fourth quarter. It full-year revenue came in 3.7 percent higher at 2.27 billion U.S. dollars from 2.19 billion U.S. dollars a year ago.

Mapletree Logistics Trust ended flat at one Singapore dollar. It was acquiring a warehouse facility in Malaysia at a purchase consideration of 53.2 million Singapore dollars from its sponsor, Mapletree Investments. The Trust Management said the acquisition of the warehouse facility offers an attractive net property income yield of 7.5 percent at the purchase consideration and is expected to be accretive at the distribution level.

Located within the Shah Alam Industrial Park, the warehouse facility is home to many multinationals and established logistics players. It is connected to Kuala Lumpur city center, Kuala Lumpur International Airport and Port Klang via the major highways.

Among the top gainers, Jardine Matheson rose 0.6 percent to 57 U.S. dollars, whereas Envictus became one of the top losers by falling 10.4 percent to 60 Singapore cents. (1 U.S. dollar equals to 1.35 Singapore dollars) Endit