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Singapore stocks end up 1.12 pct

Xinhua, May 2, 2017 Adjust font size:

Singapore shares closed 1.12 percent higher on Tuesday.

Oil prices were under pressure as rising crude output in Libya and the United States countered production cuts by major oil producers aimed at clearing a supply glut.

Singapore's benchmark Straits Times Index rose 35.67 points to 3,211.11 points. Trading volume was 2.39 billion shares worth 1.49 billion Singapore dollars. Decliners outnumbered advancers 280 to 208.

DBS Group Holdings rose 2.6 percent to 19.86 Singapore dollars. The Singapore's biggest lender reported first-quarter net profit of 1.21 billion Singapore dollars versus 1.20 billion Singapore dollars a year earlier. Its net fee and commission income rose 16 percent, driven by a 26 percent jump in wealth management fees to a quarterly record of 222 million Singapore dollars and gains in transaction services and investment banking fees.

Venture Corporation jumped 5.7 percent to 12.90 Singapore dollars. It reported first-quarter net profit leapt 35.6 percent to 48.6 million Singapore dollars. Its revenue surged 33.7 percent to 843.1 million Singapore dollars from broad-based demand growth and new product launches and program introductions by customers, which led to an improvement in pretax profit margin to 7.1 percent.

Among top gainers, Jardine Cycle and Carriage rose 1.7 percent to 48.02 Singapore dollars, while Singapore Press Holdings became one of the top losers by falling 2.6 percent to 3.38 Singapore dollars. (1 U.S. dollar equals to 1.39 Singapore dollars) Endit