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1st LD Writethru: Singapore stocks end up 0.12 pct

Xinhua, July 26, 2016 Adjust font size:

Singapore shares closed 0.12 percent higher on Tuesday, although investors scaled back their expectations for Japan's stimulus package that will be announced soon.

A report published Tuesday by the Nikkei business daily said the Japanese government will inject 6 trillion yen (57.5 billion U.S. dollars) in direct spending, double the previous estimate. However, the spending will come over several years, which means the initial impact will be less than what investors have hoped. The Bank of Japan will announce its decision on easing on Friday, while further details of a government stimulus package could also emerge.

Singapore's benchmark Straits Times Index inched up 3.59 points to 2,933.44 points. Trading volume was 1.11 billion shares worth 1.03 billion Singapore dollars (759.68 million U.S. dollars). Decliners outnumbered advancers 209 to 167, while 531 stocks did not move.

Mapletree Logistics Trust rose 0.5 percent to 1.065 Singapore dollars. It reported a distribution per unit (DPU) of 1.85 Singapore cents for first quarter, unchanged from the DPU declared in the same period last year. For the quarter to June, its revenue rose 5.3 percent to 89.6 million Singapore dollars with the full contribution from three properties acquired in Australia, Vietnam and South Korea in financial year 2016. The trust also recognized revenue from the completed extension building in Moriya Center in Japan and higher revenue from existing properties in China's Hong Kong.

Global Logistic Properties fell 0.8 percent to 1.945 Singapore dollars. The global provider of modern logistics facilities has signed new leases totaling 61,000 square meters with three leading companies in China, including LF Logistics, a Li and Fung Company. The new leases will serve growing demand from organized retail, including e-commerce and chain stores.

Among the top gainers, Great Eastern Holdings rose 2.3 percent to 21.80 Singapore dollars, whereas Jardine Cycle and Carriage became one of the top losers by falling 0.7 percent to 36.45 Singapore dollars. Endit