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Singapore stocks end up 0.38 pct

Xinhua, September 23, 2016 Adjust font size:

Singapore shares closed 0.38 percent higher on Friday, buoyed by rise in U.S. stocks overnight.

U.S. markets continued to rally after the Federal Reserve on Wednesday maintained the low-interest rate environment that had helped underpin the bull market for stocks since the global financial crisis in 2008. While Federal Reserve Chair Janet Yellen did say U.S. growth was looking stronger and rate increases would be needed to keep the economy from overheating and fueling high inflation, few investors believed that the U.S. central bank will pursue an aggressive monetary tightening policy.

DBS Group Research said "With the U.S. Federal funds rate unlikely to go up till December, investors' attention turns next to the corporate results season and the U.S. presidential election in November."

Singapore's benchmark Straits Times Index rose 10.89 points to 2,856.95 points. Trading volume was 1 billion shares worth 820 million Singapore dollars. Advancers slightly outnumbered decliners 188 to 184, while 532 stocks did not move.

CapitaLand rose 1 percent to 3.16 Singapore dollars. It has acquired a prime site in Ho Chi Minh City for 51.9 million U.S. dollars. The site can potentially offer 302 units across 2 towers - a 17-storey residential tower and a 22-storey serviced residence tower. The project, estimated to be worth 106 million U.S. dollars when completed by 2018, will be CapitaLand's ninth residential project and 19th serviced residence development in Vietnam.

Marco Polo Marine sank 5.8 percent to 6.5 Singapore cents. The shipping company clarified that it was able to continue operating as a going concern. It said that its cautionary statement in its Thursday announcement was one of the several risk factors that are typically made by companies when they seek shareholder approval for proposals, so "this should not be construed that the company presently is unable, or has doubts on its ability, to operate as a going concern."

Among top gainers, Jardine Cycle and Carriage rose 0.9 percent to 43.22 Singapore dollars, whereas Great Eastern Holdings became one of the top losers by falling 0.4 percent to 20.52 Singapore dollars. (1 U.S. dollar equals to 1.36 Singapore dollars) Endit