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1st Ld Writethru: Singapore stocks end up 0.77 pct

Xinhua, January 4, 2017 Adjust font size:

Singapore shares closed 0.77 percent higher on Tuesday, buoyed by upbeat global economic data.

The brightening mood followed upbeat factory surveys from China, the Euro-zone and U.S. Overnight data showed U.S. factory activity accelerated to a two-year high amid a surge in new orders, while manufacturing in the Euro-zone grew at its fastest pace in five years. Over the weekend, China data also showed upbeat manufacturing numbers.

Singapore's benchmark Straits Times Index rose 22.34 points to 2,921.31 points. Trading volume was 2.25 billion shares worth 967 million Singapore dollars. Advancers outnumbered decliners 280 to 151, while 654 stocks did not move.

Jumbo Group rose 3.9 percent to 67 Singapore cents. It has signed a franchise agreement to open Jumbo Seafood restaurants in Vietnam. The agreement was signed with Nova Bac Nam 79 Joint Stock Company to operate Jumbo Seafood restaurants in Ho Chi Minh City and Danang, for an initial term of 10 years.

The agreement can be renewed for another 10 years. Following the agreement, three Jumbo Seafood restaurant outlets will open progressively in the two cities over the next two years. The first outlet is expected to be opened in Ho Chi Minh City by mid 2017. Currently, the group owns and operates five Jumbo Seafood restaurants in Singapore, and three in China.

Midas Holdings rose 2.3 percent to 22 Singapore cents. It announced that its 32.5 percent-owned joint venture company CRRC Nanjing Puzhen Rail Transport had been awarded two metro train car supply contracts with a total value of 1.77 billion Chinese yuan.

The first supply contract, awarded by Changzhou Rail Transit Development for the Changzhou Rail Transit Line One Phase One Procurement Project, is valued at 1.05 billion Chinese yuan and is expected to be delivered between January 2018 and November 2019. The second supply contract was awarded by Xuzhou Rail Transit Line One Investment and Development for the Xuzhou Urban Rail Transit Line One Phase One Procurement Project. It has a contract value of 720 million Chinese yuan and is slated for delivery between May 2018 and August 2019.

Among the top gainers, Jardine Matheson rose 0.7 percent to 57.50 U.S. dollars, whereas Jardine Cycle and Carriage became one of the top losers by falling 0.4 percent to 40.56 Singapore dollars. (1 U.S. dollar equals to 6.942 Chinese yuan and 1.45 Singapore dollars) Endit