SINGAPORE, July 22 (Xinhua) -- Singapore shares closed 0.17 percent higher on Friday, as late buying helped to reverse earlier market losses after U.S. stock markets fell overnight amid weak earnings from major companies.
U.S. stocks fell overnight due to disappointing results from Intel and key transportation companies. While European Central Bank maintained monetary policy on Thursday, the central bank kept the door open to more policy stimulus, citing "great" uncertainty and risks to the region's economic outlook.
Singapore's benchmark Straits Times Index inched up 4.87 points to 2,945.35 points. Trading volume was 1.09 billion shares worth 949 million Singapore dollars. Decliners outnumbered advancers 184 to 167, while 554 stocks did not move.
Ascendas Real Estate Investment Trust rose 1.6 percent to 2.53 Singapore dollars. It reported a 4 percent on-year rise in its first quarter distribution per unit to 3.996 Singapore cents from 3.841 Singapore cents last year, Its gross revenue rose 15 percent to 207.6 million Singapore dollars, while net property income was 20.3 percent higher at 149.5 million Singapore dollars.
Keppel Corporation lost 1.4 percent to 5.50 Singapore dollars. It reported a 45 percent fall in net profit to 416 million Singapore dollars for the half year ended June from a year ago, mainly due to weaker operating results from its offshore and marine division, and also the absence of one-time gains from the infrastructure division compared to the same period a year ago.
Keppel's net profit from the offshore and marine business fell 59 percent to 156 million Singapore dollars. In contrast, the property division's net profit rose 18 percent to 194 million Singapore dollars. Its net profit from its infrastructure division declined more than 66 percent to 41 million Singapore dollars.
Among top gainers, Singapore Airlines rose 0.8 percent to 11.16 Singapore dollars, whereas Great Eastern Holdings became one of the top losers by falling 1.8 percent to 21.65 Singapore dollars. (1 U.S. dollar equals to 1.36 Singapore dollars)
