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Roundup: Singapore stocks end up 0.13 percent

Xinhua, April 10, 2017 Adjust font size:

Singapore shares closed 0.13 percent higher on Monday, but trading was thin as geopolitical risks in North Asia weighed on investors' sentiment.

A U.S. Navy strike group moved toward the western Pacific Ocean near the Korean peninsula, as concerns grew about the DPRK's advancing weapons program.

U.S. markets ended lower in choppy trade on April 7 after a key jobs report showed the economy added 98,000 jobs in March, the fewest since last May and well below market expectation.

Singapore's benchmark Straits Times Index rose 4.18 points to 3,181.45 points. Trading volume was merely 1.98 billion shares worth 943 million Singapore dollars (670 million U.S. dollars). Decliners outnumbered advancers 295 to 201.

CWT jumped 9.2 percent to 2.26 Singapore dollars. China's HNA Holding Group is making an offer to acquire the logistics firm for nearly 1.4 billion Singapore dollars through its subsidiary HNA Belt and Road Investments (Singapore).

HNA plans to purchase 600 million CWT shares at 2.33 Singapore dollars apiece. The offer price represents a 12.6 percent premium over CWT's last traded price of 2.07 Singapore dollars on April 5.

HNA said the acquisition would help it become a leading logistics player and diversify its property investment portfolio.

SembCorp Industries inched down 0.3 percent to 3.14 Singapore dollars. SembCorp Green Infra, the India-based renewable energy business of SembCorp Industries, has won a bid for a new wind power project with close to 250 megawatts in capacity from Solar Energy Corp of India, an entity under India's Ministry of New and Renewable Energy.

It will be located in Tamil Nadu and connected to India's Central Transmission Utility. The total project cost is estimated to be at around 405 million Singapore dollars, which is to be funded through a mixture of internal funds and debt.

Among top gainers, Jardine Strategic Jardine Matheson rose 0.8 percent to 41.50 U.S. dollars, while Jardine Cycle and Carriage became one of the top losers by falling 1.5 percent to 45.40 Singapore dollars. (1 U.S. dollar = 1.41 Singapore dollars) Endit