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Singapore stocks end up 0.86 pct

Xinhua, November 30, 2016 Adjust font size:

Singapore shares closed 0.86 percent higher on Wednesday, buoyed by the rise in U.S. stock markets overnight.

U.S. stocks rebounded modestly as strong U.S. economic data compensated for a drop in oil prices. U.S. data showed stronger-than-expected third quarter growth, higher housing prices in September and a sharp rebound in consumer confidence in November.

Singapore's benchmark Straits Times Index rose 24.88 points to 2,904.02 points. Trading volume was 2.89 billion shares worth 2.58 billion Singapore dollars. Advancers slightly outnumbered decliners 227 to 222, while 660 stocks did not move.

GuocoLand fell 0.5 percent to 1.87 Singapore dollars. It has won the construction land use rights for land plots in Chongqing, China for mixed development comprising retail, business and residential at the bid price of 3.64 billion Chinese yuan. The land parcels have a land area of approximately 48,961 square meters, with a total above ground gross floor area of 513,600 square meters

JES International halted trading on Wednesday. It has entered into an agreement to acquire the entire stake in Maya Asia Resources for 16.3 million Singapore dollars, payable via cash and 51.3 million shares at 2.6 Singapore cents each. The principal activities of Maya Asia Resources include the manufacturing and moulding of plastic containers, plastic stationery, plastic bottle caps using raw plastic pellets, infant-care products such as wet-wipes, diapers and fashionwear, and the trading and distribution of canned food products such as tuna and preserved fruits.

Among the top gainers, Jardine Cycle and Carriage rose 1.5 percent to 40.15 Singapore dollars, whereas SembCorp Marine became one of the top losers by falling 5.7 percent to 1.395 Singapore dollars. (1 U.S. dollar equals to 6.884 Chinese yuan and 1.43 Singapore dollars) Endit