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Singapore stocks end up 0.81 pct

Xinhua, December 1, 2016 Adjust font size:

Singapore shares closed 0.81 percent higher on Thursday, after the major oil-producer cartel inked a deal to reduce crude oil output.

The Organization of the Petroleum Exporting Countries (OPEC) agreed to cut production by 1.2 million barrels a day, marking the group's first concerted effort to slash output since 2008.

The move sent crude oil prices soaring over 9 percent overnight. The OPEC cut alone represents about 1 percent of global production, which will help to reduce a glut of supply that has depressed prices for more than two years.

Meanwhile, China's official manufacturing purchasing managers' index increased to 51.7 from October's 51.2. The November reading beat market expectations.

Singapore's benchmark Straits Times Index rose 23.41 points to 2,928.58 points. Trading volume was 2.3 billion shares worth 1.67 billion Singapore dollars. Advancers outnumbered decliners 248 to 203, while 649 stocks did not move.

Global Logistic Properties ended flat at 2.06 Singapore dollars. The warehouse operator sold property in Japan to a private equity fund for 72 million U.S. dollars. The sale of GLP Narita, a 51,000 square-meter warehouse facility in greater Tokyo, is expected to be completed this month. Japan is one of the core markets for developing the company's fund management platform. Global Logistic Properties said it has generated 1.1 billion U.S. dollars in profit from 4.8 billion U.S. dollars of asset sales in Japan since fiscal 2012.

New Silkroutes Group rose 4.5 percent to 1.045 Singapore dollars. It is in talks with Malaysia's Fortress Capital Asset Management and Singapore-incorporated Quantum Health to place new shares that will represent 20 percent of the Group's existing 127.5 million issued shares. It sought to raise 25 million Singapore dollars from the share placement, and planned to use 80 percent of the proceeds towards acquisitions that may be revenue generating.

Among the top gainers, Keppel Corporation rose 8.1 percent to 5.89 Singapore dollars, whereas Jardine Cycle and Carriage became one of the top losers by falling 0.9 percent to 39.78 Singapore dollars. (1 U.S. dollar equals to 1.43 Singapore dollars) Endit