Singapore stocks end up 0.19 pct

Singapore shares closed 0.19 percent higher on Friday, as investors' risk appetite remained strong despite renewed selling of the British pound.

The pound came under pressure after the Bank of England's governor hinted at an interest rate cut ahead. But investors took comfort in reports that the British central bank would probably need to pump more stimulus into Britain's economy over the summer in wake of the Brexit shock.

Singapore's benchmark Straits Times Index rose 5.44 points to 2,846.37 points. Trading volume was 1.26 billion shares worth 1 billion Singapore dollars. Advancers outnumbered decliners 199 to 177, while 530 stocks did not move.

Among top actives, Ezion Holdings Limited sank 8.7 percent to 47.5 Singapore cents. The oilfield service firm said it is proposing issuing up to 487.3 million rights shares at 29 Singapore cents, or a discount of about 44 percent to its closing price on Thursday to raise as much as about 141.3 million Singapore dollars. Funds raised from the issue could be used to help fit out and re-purpose its fleet, buy marine assets and boost operational flexibility.

In a separate statement, Ezion also announced it had set up a joint venture company with Sinotrans & CSC Holdings for the chartering of service rigs to support the offshore wind farm market.

Yanlord Land Group gained 1.3 percent to 1.15 Singapore dollars. The Chinese property developer announced partnership with respective subsidiaries of China Merchants Property Development and Poly Real Estate Group to develop approximately 170,000 square meter gross floor area land parcel in Nanjing city's Gulou district.

Among top gainers, Best World International Limited soared 15.7 percent to 1.33 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 0.5 percent to 58.02 U.S. dollars. (1 U.S. dollar equals to 1.35 Singapore dollars) Endit