SINGAPORE, Oct. 12 (Xinhua) -- Singapore shares closed 1.12 percent higher on Monday, as investors were on buying spree following price rally in commodities amid weak U.S. dollar.
The greenback continued to struggle in Asian trades as hopes of a U.S. rate rise this year grew even dimmer. Investors also took comfort from report in the official China Securities Journal which quoted Yi Gang, deputy governor of the People's Bank of China, as saying China's stock market correction is "almost over."
DBS Group Research said the initial Federal Reserve rate lift- off will be in first quarter of 2016 instead of previously forecast December this year, and for 2016, U.S. will increase rates twice instead of four times.
Singapore's benchmark Straits Times Index jumped 33.61 points to 3,032.11 points. Trading volume was 1.81 billion shares worth 1. 36 billion Singapore dollars. Advancers outnumbered decliners 295 to 147, while 494 stocks did not move.
OKP Holdings rose 0.5 percent to 19.2 Singapore cents. It has been awarded a contract worth 12.7 million Singapore dollars for the extension of road, drain and sewer works at northern part of Singapore. The construction primarily involves the construction and execution of general site clearance, road works, drainage works and sewer works.
Singapore Exchange Limited inched up 0.1 percent to 7.57 Singapore dollars. It announced it has appointed KPMG to conduct a review of how listed companies abide by the "comply or explain" requirement for principles and guidelines of the Singapore Code of Corporate Governance.
The review is part of Singapore Exchange's drive to raise governance standards of listed companies. The bourse operator added it intends to make findings of the review public and engage with companies to ensure shortcomings identified are addressed.
Among top gainers, Jardine Cycle and Carriage rose 2.5 percent to 32.27 Singapore dollars, while Jardine Matheson became one of the top losers by falling 1 percent to 51.35 U.S. dollars. (1 U.S. dollar equals to 1.40 Singapore dollars)
