Singapore stocks end up 0.47 pct
Source: Xinhua   2017-03-10 19:54:13

SINGAPORE, March 10 (Xinhua) -- Singapore shares closed 0.47 percent higher on Friday, after government surprised market by announcing the relaxation of some property cooling measures.

Property shares jumped after the Singapore government announced a reduction of seller's stamp duties (SSD) and changes to the total debt servicing ratio (TDSR). With effect from Saturday, the new SSD rates will range from 4 percent for properties sold in the third year to 12 percent for those sold within the first year. The SSD is currently payable by those who sell a residential property within four years of purchase, at rates of between 4 percent and 16 percent of the property's value.

As for the TDSR, it will be removed for mortgage equity withdrawal loans with loan-to-value (LTV) ratios of 50 percent and below. Currently, there is a TDSR threshold of 60 percent for property loans extended by a financial institution.

Meanwhile, oil prices remained weak as concerns mounted that major oil producers' output cuts are failing to restrain record U.S. stockpiles. Investors are also waiting for February U.S. jobs data due later in the day. Market in average expects non-farm payrolls to come in at 200,000.

Singapore's benchmark Straits Times Index rose 14.51 points to 3,133.35 points. Trading volume was 2.59 billion shares worth 1.37 billion Singapore dollars. Advancers outnumbered decliners 269 to 195.

Del Monte Pacific shed 1.4 percent to 34.5 Singapore cents. It reported third-quarter net profit of 8.5 million U.S. dollars, a turnaround from the net loss of 4.8 million U.S. dollars from a year ago. It's revenue for the three months ended January was slightly higher at 604 million U.S. dollars as higher Asia sales offset lower U.S. sales.

Among top gainers, City Development surged 5.6 percent to 10.15 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 1.8 percent to 65 U.S. dollars. (1 U.S. dollar equals to 1.42 Singapore dollars)

Editor: Mengjie
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Singapore stocks end up 0.47 pct

Source: Xinhua 2017-03-10 19:54:13
[Editor: huaxia]

SINGAPORE, March 10 (Xinhua) -- Singapore shares closed 0.47 percent higher on Friday, after government surprised market by announcing the relaxation of some property cooling measures.

Property shares jumped after the Singapore government announced a reduction of seller's stamp duties (SSD) and changes to the total debt servicing ratio (TDSR). With effect from Saturday, the new SSD rates will range from 4 percent for properties sold in the third year to 12 percent for those sold within the first year. The SSD is currently payable by those who sell a residential property within four years of purchase, at rates of between 4 percent and 16 percent of the property's value.

As for the TDSR, it will be removed for mortgage equity withdrawal loans with loan-to-value (LTV) ratios of 50 percent and below. Currently, there is a TDSR threshold of 60 percent for property loans extended by a financial institution.

Meanwhile, oil prices remained weak as concerns mounted that major oil producers' output cuts are failing to restrain record U.S. stockpiles. Investors are also waiting for February U.S. jobs data due later in the day. Market in average expects non-farm payrolls to come in at 200,000.

Singapore's benchmark Straits Times Index rose 14.51 points to 3,133.35 points. Trading volume was 2.59 billion shares worth 1.37 billion Singapore dollars. Advancers outnumbered decliners 269 to 195.

Del Monte Pacific shed 1.4 percent to 34.5 Singapore cents. It reported third-quarter net profit of 8.5 million U.S. dollars, a turnaround from the net loss of 4.8 million U.S. dollars from a year ago. It's revenue for the three months ended January was slightly higher at 604 million U.S. dollars as higher Asia sales offset lower U.S. sales.

Among top gainers, City Development surged 5.6 percent to 10.15 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 1.8 percent to 65 U.S. dollars. (1 U.S. dollar equals to 1.42 Singapore dollars)

[Editor: huaxia]
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