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Singapore stocks end up 0.33 pct

Xinhua, August 23, 2016 Adjust font size:

Singapore shares closed 0.33 percent higher on Tuesday, but a lack of catalyst kept most investors away from market.

Market players were waiting for comments from U.S. Federal Reserve Chair Janet Yellen at the central bank's annual meeting in Jackson Hole on Friday.

Meanwhile, crude oil prices continued to fall after retreating from two-month highs on Aug. 19 due to worries about burgeoning Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising U.S. oil rig count. Brent crude was around 49 U.S dollars a barrel after hitting a two-month high of 51.22 U.S. dollars. U.S. crude futures hovered around 47 U.S. dollars.

Singapore's benchmark Straits Times Index rebounded 9.24 points to 2,850.43 points. Trading volume was 1.33 billion shares worth 735 million Singapore dollars. Decliners slightly outnumbered advancers 184 to 170, while 553 stocks did not move.

SATS Limited rose 0.6 percent to 4.83 Singapore dollars. The ground handling and inflight catering service provider has been awarded a tender to build and operate a cargo terminal within Saudi Arabia's new cargo village in Dammam, which is in the vicinity of King Fahd International Airport. The cargo handling concession, which is granted to SATS's subsidiary SATS Saudi Arabia, is valid for 22.5 years.

Wing Tai Holdings closed flat at 1.78 Singapore dollars. The property group reported net profit attributable to equity holders of 7.08 million Singapore dollars for the financial year ended June, 95 percent down from 150.3 million Singapore dollars in financial year 2015 on lower operating profit and lower fair value gains. Its full-year revenue also fell 20 percent to 544.5 million Singapore dollars from 676.7 million Singapore dollars for last financial year.

Among the top gainers, Jardine Matheson rose 2.4 percent to 61.60 U.S. dollars, whereas Jardine Cycle and Carriage became one of the top losers by falling 0.7 percent to 43.10 Singapore dollars. (1 U.S. dollar equals to 1.35 Singapore dollars) Endit