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Singapore stocks end up 0.48 pct

Xinhua, October 4, 2016 Adjust font size:

Singapore shares closed 0.48 percent up on Tuesday, but most investors turned cautious after U.S. stocks fell overnight.

Shares of Deutsche Bank resumed their slide as market hopes faded that Germany's largest lender would reach a swift deal with the U.S. Department of Justice over a fine of up to 14 billion U.S. dollars for mis-selling mortgage-backed securities.

Strong economic data also weighed on U.S. market sentiment. The Institute for Supply Management (ISM) said its index of U.S. national factory activity rose to 51.5 from 49.4 the prior month, indicating that the sector is now expanding. The upbeat data raised the likelihood that the Federal Reserve will raise interest rates later this year.

Singapore's benchmark Straits Times Index rose 13.8 points to 2,884.64 points. Trading volume was 1.48 billion shares worth 766 million Singapore dollars. Advancers outnumbered decliners 222 to 128, while 556 stocks did not move.

Among top actives, Noble Group jumped 9.7 percent to 17 Singapore cents. Its wholly-owned subsidiary Noble Americas Corp. (NAC) has taken full control of biodiesel distributor Noble Mansfield Renewable Energy, LLC. This was achieved through the acquisition of an additional 50 percent stake for an aggregate consideration of 2.47 million U.S. dollars, bringing NAC's stake to 100 percent from 50 percent initially.

P99 Holdings shed 5.3 percent to 7.2 Singapore cents. It is transforming itself into an environmental engineering services company in a reverse takeover deal. The company has agreed to acquire 100 percent stake of UES Holdings from Giant Maze for 65 million Singapore dollars. The aggregate consideration will be fully satisfied by 16 million Singapore dollars in cash and 49 million Singapore dollars by the allotment and issue of 612.5 million new P99 shares at 8 Singapore cents each.

Among the top gainers, Jardine Matheson rose 1 percent to 61.43 U.S. dollars, whereas M1 Limited became one of the top losers by falling 1.6 percent to 2.40 Singapore dollars. (1 U.S. dollar equals to 1.37 Singapore dollars) Endit