SINGAPORE, June 1 (Xinhua) -- Singapore shares closed 0.78 percent higher on Thursday, as investors shrugged off the report of weak China's manufacturing data.
Caixin China purchasing managers' index (PMI) was at 49.6 in May, versus 50.1 forecast by analysts and the reading of 50.3 in April. The latest data is the lowest reading since June 2016. Caixin measures the smaller private sector, while the official PMI tracks the large state-owned enterprises.
Maybank Kim Eng Research said "technically, the near term support for the Straits Times Index is at 3,190 points, while immediate resistance lies at 3,275 points."
Singapore's benchmark Straits Times Index rose 25.14 points to 3,235.96 points. Trading volume was 2.14 billion shares worth 1.35 billion Singapore dollars. Advancers outnumbered decliners 269 to 181.
CapitaLand rose 0.6 percent to 3.58 Singapore dollars. It undertook active capital recycling with the concurrent acquisition and divestment of two Shanghai office buildings. It is acquiring newly-completed Guozheng Center in Yangpu District for 2.64 billion Chinese yuan and divesting Innov Tower in Xuhui District for 1.56 billion Chinese yuan and reap a net divestment gain of 85 million Singapore dollars.
Citic Envirotech advanced 0.7 percent to 76.5 Singapore cents. It was awarded 54 million Chinese yuan Phase 2 expansion project with design capacity of 25,000 cubic meters per day for a wastewater treatment plant in Henan, China.
This will lift total capacity to 50,000 cubic meters per day. Construction is expected to be completed within one year. The project comes with a 25-year service concession and guaranteed by the government.
Among the top gainers, Jardine Matheson rose 1.6 percent to 64.92 U.S. dollars, whereas Jardine Strategic became one of the top losers by falling 0.2 percent to 41.87 U.S. dollars. (1 U.S. dollar equals to 6.805 Chinese yuan and 1.39 Singapore dollars).
