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Singapore stocks close almost flat

Xinhua, October 27, 2016 Adjust font size:

Singapore shares closed 0.01 percent higher on Thursday, as late buying lifted index out of negative territory that lasted most of the day.

U.S. stocks ended modestly lower on Wednesday as a disappointing forecast from Apple weighed on the technology sector. Seventy-eight percent of Standard and Poors 500 companies that have reported earnings so far have beat profit forecasts, while 62 percent exceeded revenue estimates.

Investors will wait for the latest data on U.S. durable goods, jobless claims and pending home sales later on Thursday.

Singapore's benchmark Straits Times Index inched up 0.37 points to 2,828.94 points. Trading volume was 1.33 billion shares worth 718 million Singapore dollars. Advancers outnumbered decliners 207 to 131, while 560 stocks did not move.

OCBC inched up 0.4 percent to 8.58 Singapore dollars. The banking group reported 5 percent on-year rise in third-quarter profit to 943 million Singapore dollars, which was driven mainly by strong non-interest income from insurance and wealth management.

Its third-quarter revenues were driven mainly by a rebound in insurance contribution from Great Eastern Holdings as non-par profits rose. Excluding insurance arm Great Eastern's contribution, OCBC's banking operations reported a decline in net profit mainly due to higher provisions.

Innovalues ended flat at 98.5 Singapore cents. Private equity firm Northstar Advisors has launched a 331.4 million Singapore dollar takeover offer for Innovalues via a scheme of arrangement. Offering to acquire Innovalues shares at 1.01 Singapore dollars each via special purpose vehicle Precision Solutions, Northstar said that this provides an opportunity for Innovalues shareholders to realize their investments at a premium of 19 percent over the one-month volume weighted average prices before April 7.

Among the top gainers, Jardine Cycle and Carriage rose 1.7 percent to 43.30 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 1.1 percent to 60.63 U.S. dollars. (1 U.S. dollar equals to 1.39 Singapore dollars) Endit