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Roundup: Singapore stocks end up 0.27 percent

Xinhua, February 16, 2017 Adjust font size:

Singapore shares closed 0.27 percent higher on Thursday, taking cue from an extended rally on Wall Street and strong U.S. data overnight.

U.S. consumer prices recorded their biggest increase in nearly four years in January, backing expectations for the U.S. Federal Reserve to raise interest rates at a steady pace over the course of the year.

In her second day of economic testimony before Congress, Federal Reserve Chair Janet Yellen offered no additional insight on next rate hike after her comments a day earlier hinted a possible rate hike as early as next month.

Singapore's benchmark Straits Times Index rose 8.21 points to 3,096.69 points. Trading volume was 3.32 billion shares worth 1.37 billion Singapore dollars (965 million U.S. dollars). Advancers outnumbered decliners 274 to 215, while 594 stocks did not move.

DBS Group rose 1.7 percent to 18.54 Singapore dollars. It reported a 9 percent fall in net profit of 913 million Singapore dollars for the fourth-quarter ended December 2016 from a year ago, bringing full-year earnings down 2 percent to 4.24 billion Singapore dollars as a stronger operating performance was offset by higher allowances.

Its total allowances for full-year and for the fourth-quarter doubled from a year ago to 1.43 billion Singapore dollars and 462 million Singapore dollars respectively.

The non-performing loan rate of 1.4 percent in fourth quarter was 0.9 percent higher than a year ago and 1.3 percent higher than third-quarter, mainly due to stresses in the oil and gas support services sector.

ST Engineering inched up 0.3 percent to 3.40 Singapore dollars. It reported 484.5 million Singapore dollars in net profit for the full year ended December 2016, 8 percent down from its profit of 529 million Singapore dollars a year ago.

Its revenue grew 6 percent to 6.68 billion Singapore dollars from 6.34 billion Singapore dollars in the previous year, buoyed mainly by revenue contributions by the aerospace sector.

Among the top gainers, Jardine Matheson rose 0.6 percent to 64.85 U.S. dollars, whereas Venture Corporation became one of the top losers by falling 1.9 percent to 10.06 Singapore dollars. (1 U.S. dollar = 1.42 Singapore dollars) Endit