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Roundup: Singapore stocks end up 0.49 pct

Xinhua, October 19, 2016 Adjust font size:

Singapore shares closed 0.49 percent higher on Wednesday, as China's economic growth in the third quarter met market expectations.

China's economy grew 6.7 percent in the third quarter from a year earlier, steady from the previous quarter and in line with market expectations, as increased government spending and a property boom offset stubbornly weak exports.

Singapore's benchmark Straits Times Index rose 13.99 points to 2,844.62 points. Trading volume was 1.66 billion shares worth 892 million Singapore dollars. Decliners outnumbered advancers 187 to 178, while 534 stocks did not move.

CapitaLand Commercial Trust rose 1.3 percent to 1.575 Singapore dollars. The real estate investment trust reported a 7.5 percent increase year-on-year in distribution per unit (DPU) for the third quarter, helped by additional contributions from Raffles City Singapore, a commercial property in the city-state.

DPU in the July-to-September quarter rose to 2.30 Singapore cents from 2.14 Singapore cents in the same quarter a year ago. Its net property income rose 8.3 percent year-on-year to about 57 million Singapore dollars, while gross revenue grew 8.9 percent year-on-year to 74.4 million Singapore dollars.

M1 Limited sank 5.2 percent to 2.21 Singapore dollars. The telco reported net profit of 34.4 million Singapore dollars in third quarter, 23.4 percent lower than the 44.9 million Singapore dollars registered in the same quarter last year.

Its operating revenue fell 10.3 percent to 249.1 million Singapore dollars in third quarter mainly due to lower revenue from handset sales, which fell 28.9 percent to 51.9 million Singapore dollars in the quarter ended September, from 73 million Singapore dollars in the same period last year.

Among the top gainers, Jardine Matheson rose 0.9 percent to 61.68 U.S. dollars, whereas Jardine Cycle and Carriage became one of the top losers by falling 1.3 percent to 42.22 Singapore dollars. (1 U.S. dollar equals to 1.39 Singapore dollars) Endit