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Singapore stocks end up 0.30 pct

Xinhua, July 13, 2016 Adjust font size:

Singapore shares closed 0.30 percent higher on Wednesday, buoyed by speculations that Japan may consider an aggressive form of policy easing to jump start its economy.

However, the Japanese government denied the possibility of using "helicopter money," a measure that would involve the central bank directly financing government spending or tax cuts. Instead, the Japanese government said it is planning a "bold economic stimulus" to defeat deflation,

Singapore's benchmark Straits Times Index inched up 8.83 points to 2,910.65 points. Trading volume was 1.88 billion shares worth 1.09 billion Singapore dollars. Advancers outnumbered decliners 224 to 190, while 493 stocks did not move.

Singapore Technologies Engineering rose 1.5 percent to 3.37 Singapore dollars. Its aerospace arm won new contracts worth 770 million Singapore dollars during the second quarter, which underscored its position as an established aircraft maintenance firm in Asia.

The orders, which included line and heavy airframe maintenance for commercial airlines and military operators, as well as cabin interior modifications for different customers, follow contracts worth 443 million Singapore dollars that ST Engineering won in the first quarter.

SembCorp Industries rose 1 percent to 2.90 Singapore dollars. It announced new partners for its upcoming water industry center in China, building on its international profile as an important utilities player.

Nanjing International Water Hub has secured two respected Chinese water research institutes - National Engineering Research Center for Special Separation Membranes and the National Environment Protection Organic Chemical Wastewater Treatment and Recycling Engineering Center - as strategic partners. The two institutions will conduct research and development activities at the hub, and offer technical consultancy services.

Among the top gainers, Jardine Cycle and Carriage rose 0.8 percent to 36.95 Singapore dollars, whereas Singapore Telecommunications became one of the top losers by falling 1.2 percent to 4.26 Singapore dollars. (1 U.S. dollar equals to 1.35 Singapore dollars) Endit