Singapore stocks end up 0.81 pct

Singapore shares closed 0.81 percent higher on Monday, as investors shrugged off news of Italy's referendum result that hit Euro-zone markets and Euro.

Italian Prime Minister Matteo Renzi said he would resign following a stinging defeat on constitutional reform that could destabilize the country's shaky banking system. Renzi's defeat dealt a blow to European Union which is already struggling to overcome a number of crises including Greek debt problem and Brexit.

Meanwhile, Wall Street ended mixed Dec. 2 following the release of key employment data for November. While the U.S. payroll report was firm enough to cement expectations of a rate hike by the Federal Reserve this month, a surprise pullback in wages somewhat dampened market sentiments.

Singapore's benchmark Straits Times Index rose 23.68 points to 2,943.05 points. Trading volume was 2.14 billion shares worth 1.11 billion Singapore dollars. Decliners slightly outnumbered advancers 222 to 218, while 661 stocks did not move.

Among top actives, Nam Cheong Limited fell 5.9 percent to 6.4 Singapore cents. The shipbuilder of offshore support vessels announced a vessel contract cancellation by Petra Offshore, one of its customers. It said that the vessel has been completed and the paid deposit of Petra Offshore will be forfeited. The termination of the contract is expected to have an impact on the Nam Cheong's earnings this year.

Sincap Group plunged 24 percent to 1.9 Singapore cents. The company which trades in alumina and thermal coal said it planned to sell 2.6 billion new shares at an issue price of 1 Singapore cent per share, on the basis of five rights shares for every one existing share held by shareholders to raise up to 26 million Singapore dollars. The issue price represents a discount of about 60 percent to SinCap's last traded price of 2.5 Singapore cents per share on Dec. 2. It intends to use 60 percent to 70 percent of the net proceeds for business expansion.

Among top gainers, Jardine Cycle and Carriage rose 2.7 percent to 40.37 Singapore dollars, while Zhongmin Baihui became one of the top losers by sinking 8.2 percent to 1.12 Singapore dollars. (1 U.S. dollar equals to 1.43 Singapore dollars) Endit