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1st LD Writethru: Singapore stocks end up 0.44 pct

Xinhua, March 2, 2017 Adjust font size:

Singapore shares closed 0.44 percent higher on Thursday, buoyed by U.S. President Donald Trump's measured tone in his first speech to Congress, which sent U.S. markets sharply higher.

While Trump gave few new details on his tax or spending plans, investors took comfort in what they saw as a less confrontational tone as he tried to push his agenda.

Singapore's benchmark Straits Times Index rose 13.71 points to 3,136.48 points. Trading volume was 2.78 billion shares worth 1.76 billion Singapore dollars. Advancers slightly outnumbered decliners 245 to 239.

Cosco Corporation (Singapore) closed flat at 31 Singapore cents. Its shipyard arm has won a deal for the building of an offshore heavy lift vessel with crane capacity of 3,000 tons. The contract price of the vessel, scheduled for delivery in the fourth quarter of 2019, will be kept confidential, as agreed by the European buyer and Cosco.

Tritech Group rose 1.5 percent to 6.9 Singapore cents. Its subsidiary Anhui Clean Environment Biotechnology won the contract for a project valued at about 13.6 million Chinese yuan.

The project's main scope included the design, supply and installation of a wastewater system for the treatment of the leachate produced from a solid waste treatment plant located in the county of Anyue in Sichuan province, China, by XingAn Urban Investment and Development of Anyue County. The commencement date for the works is March 1 and the expected completion date is September 30.

Among the top gainers, Jardine Strategic jumped 4.9 percent to 40.50 U.S. dollars, whereas Hong Kong Land became one of the top losers by falling 0.8 percent to 7.02 U.S. dollars. (1 U.S. dollar equals to 6.881 Chinese yuan and 1.41 Singapore dollars) Endit