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Roundup: Singapore stocks end up 0.48 pct

Xinhua, October 18, 2016 Adjust font size:

Singapore shares closed 0.48 percent higher on Tuesday, as latest U.S. data suggested a rate increase in December was not as certain as previously expected.

U.S. industrial production rose 0.1 percent in September from a month earlier, which was below market expectations for 0.2 percent gain, and a level that analysts called "anemic."

DBS Group Research said "we peg a near-term range of 2,750 points to 2,850 points for the Straits Times Index over the next one month as the earnings season unfolds. Earnings season uncertainty and the latest weak Singapore third-quarter gross domestic product contraction figure puts a near-term cap at 2,850 points for the Straits Times Index."

Singapore's benchmark Straits Times Index rose 13.56 points to 2,830.63 points. Trading volume was 1.58 billion shares worth 902 million Singapore dollars. Advancers outnumbered decliners 208 to 170, while 521 stocks did not move.

Among top actives, New Silkroutes Group jumped 11.4 percent to 98 Singapore cents. It announced that it has signed a memorandum of understanding (MOU) with China Shipbuilding Industry Equipment and Materials, a unit of China Shipbuilding Industry Corporation, to sell high quality oil and petroleum products to the country.

China Shipbuilding Industry Equipment and Materials currently supplies raw materials like steel, non-ferrous metals and coal to China Shipbuilding Industry Corporation.

Under the terms of the MOU, New Silkroutes' wholly owned subsidiary International Energy Group (IEG) will procure crude oil and petroleum products from the Middle East, while China Shipbuilding Industry Equipment and Materials will provide support to enable IEG to manage and own oil storage facilities.

Keppel DC REIT rose 1.2 percent to 1.24 Singapore dollars. The data center-focused real estate investment trust plans to raise about 279.5 million Singapore dollars in a preferential offering to buy a Singapore property and to repay past loans.

The trust will sell 274 new units for every 1,000 held by its investors at 1.155 Singapore dollars apiece. The sale price represents a discount of about 5 percent to its average traded price on Monday.

Keppel DC REIT separately said that it will buy a 90 percent stake in Keppel DC Singapore 3, a data center in Singapore, for 202.5 million Singapore dollars to boost its investment portfolio.

Among the top gainers, Jardine Cycle and Carriage rose 2.5 percent to 42.79 Singapore dollars, whereas Singapore Airlines became one of the top losers by falling 0.7 percent to 10.17 Singapore dollars. (1 U.S. dollar equals to 1.39 Singapore dollars) Endit