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Roundup: Singapore stocks end up 0.9 pct

Xinhua, October 24, 2016 Adjust font size:

Singapore shares closed 0.9 percent higher on Monday, as investors shrugged off concerns of U.S. interest rate hike and instead did selective buying in the market.

U.S. stocks were mixed on Oct. 21 after hawkish comments from U.S. Federal Reserve officials including New York Federal Reserve President William Dudley, and higher expectations that Hillary Clinton will win the U.S. presidential election have increased likelihood that the Federal Reserve will raise rates in December. Singapore's benchmark Straits Times Index rose 25.62 points to 2,856.68 points. Trading volume was 1.51 billion shares worth 782 million Singapore dollars. Advancers outnumbered decliners 229 to 153, while 516 stocks did not move.

CapitaLand Mall Trust rose 1.9 percent to 2.15 Singapore dollars. It has declared a distribution-per-unit of 2.78 Singapore cents for the third quarter ended September, a fall of 6.7 percent from 2.98 Singapore cents a year ago.

Its net property income increased 5.5 percent to 119.5 million Singapore dollars from a year ago but distributable income fell 4.7 percent to 98.4 million Singapore dollars due to the release of 8 million Singapore dollar taxable income retained early last year.

Excluding this release, the distributable income for third quarter would have been 3.3 percent higher than a year ago. Its gross revenue came in 4.9 percent higher at 169.7 million Singapore dollars.

Yoma Strategic Holdings shed 0.8 percent to 59 Singapore cents. The Myanmar-focused conglomerate will be spinning off its tourism-related businesses worth about 70.7 million Singapore dollars and listing them on the Singapore Exchange via the reverse takeover of SHC Capital Asia.

SHC will issue Yoma Strategic 167 million SHC shares valued at 26.3 Singapore cents each or 43.94 million Singapore dollars in total. This will give Yoma a shareholding of 53.48 percent in SHC. Following the reverse takeover, SHC will transform into a Myanmar-focused tourism company.

Among top gainers, Jardine Matheson rose 0.8 percent to 61 U.S. dollars, while Venture Corporation became one of the top losers by falling 1.1 percent to 9.20 Singapore dollars. (1 U.S. dollar equals to 1.39 Singapore dollars) Endit