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Roundup: Singapore stocks end up 0.85 pct

Xinhua, July 4, 2016 Adjust font size:

Singapore shares closed 0.85 percent higher on Monday, but U.S. Independence Day holiday capped market turnover as investors had no lead to look for.

U.S. financial and commodity markets will be closed on Monday. Crude oil prices extended gains in Asian trading on Monday following Friday's surge, following comments by the Saudi energy minister that the oil market is heading towards balance, despite signs of slowing demand in Asia.

DBS Group Research said "the swings over the past one week extend the choppy trend from 2,700 points and 2,730 points to 2,860 points and 2,900 points since May, which is likely to extend into the weeks ahead. The index could move out from the range once the second-quarter results season provides a clearer picture of the earnings revision trend."

Singapore's benchmark Straits Times Index rose 24.19 points to 2,870.56 points. Trading volume was 1.05 billion shares worth 904 million Singapore dollars. Advancers outnumbered decliners 263 to 126, while 516 stocks did not move.

Centurion Corporation Limited fell 2.6 percent to 37 Singapore cents. The accommodation property firm announced it has completed another acquisition of U.K. student accommodation assets and updated the market on its exposure to the U.K. after the country's decision in a referendum to leave the European Union.

After the latest acquisition, Centurion owned 2,400 student accommodation beds in the U.K. and its total assets in the country accounted for 14 percent of the group's net asset value. The firm drew substantial earnings in British pounds, while it reported earnings in Singapore dollars, so the recent drop in the pound against the Singapore dollar presented risk.

However, Centurion said it hedges its exposure to the pound, and the depreciation of the pound against the Singapore dollar should not have any material impact on its earnings ended June 2016.

It also saw minor risks pertaining to demand for U.K. education from foreign students if the U.K. leaves the European Union.

GuocoLand Limited ended flat at 1.885 Singapore dollars. The property developer said it has forked out 595.1 million Singapore dollars through a subsidiary after winning a tender for a 16,000 square meter residential site near Singapore's central business district and main shopping area.

It intended to develop the 99-year leasehold parcel into a luxury condominium with around 450 units. The acquisition will be financed by internal resources and bank borrowings.

Among top gainers, Jardine Cycle and Carriage rose 1.2 percent to 36.34 Singapore dollars, while Jardine Matheson became one of the top losers by falling 0.3 percent to 57.84 U.S. dollars. (1 U.S. dollar equals to 1.34 Singapore dollars) Endit