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Singapore stocks end up 0.55 pct

Xinhua, November 25, 2016 Adjust font size:

Singapore shares closed 0.55 percent higher on Friday, driven by stronger U.S. dollar in currency markets.

The U.S. markets were closed on Thursday for Thanksgiving holiday. Expectations of higher inflation in the U.S. under the Donald Trump administration were driving the greenback's broad strength, which was seen helping to boost the competitiveness of the Asian's exports.

Meanwhile, oil prices hovered around the 49 U.S. dollars a barrel mark, ahead of the Organization of the Petroleum Exporting Countries meeting in Vienna on Nov. 30. Iraq has indicated that it would be taking part in any production freeze agreement.

Singapore's benchmark Straits Times Index rose 15.61 points to 2,859.33 points. Trading volume was 1.69 billion shares worth 1.22 billion Singapore dollars. Advancers outnumbered decliners 241 to 171, while 684 stocks did not move.

Among top actives, YuuZoo Limited rose 2.5 percent to 16.4 Singapore cents. The social e-Commerce company announced it has signed a binding term sheet for the proposed investment with an option to invest up to 150 million U.S dollars in Relativity Holdings, a U.S. movie studio based in Beverly Hills, California. YuuZoo had first announced plans to invest an initial 15 million U.S. dollars in Relativity in October.

Singapore Telecommunications rose 0.5 percent to 3.75 Singapore dollars. It said its video streaming joint venture with Sony Pictures and Warner Brothers is now available in Singapore.

Formed last year, the joint venture named Hooq is a rival to Netflix and aims to offer video-on-demand service with Hollywood, Asian and kids content to users' phones, computers and televisions in Singapore.

Among top gainers, DBS Group Holdings rose 1.5 percent to 17.05 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 1.6 percent to 53.50 U.S. dollars. (1 U.S. dollar equals to 1.43 Singapore dollars) Endit