SINGAPORE, June 2 (Xinhua) -- Singapore shares closed 0.13 percent higher on Friday, after U.S. stocks closed overnight at historical highs in light of strong U.S. economic data.
The Institute for Supply Management said its barometer of U.S. factory activity edged up to 54.9 last month from 54.8 in April, while ADP reported U.S. private payrolls grew by 253,000 last month, beating analysts' forecasts.
The solid U.S. economic data raised investors' expectation that the U.S. Federal Reserve will raise interest rates at its policy meeting on June 13 to 14.
Singapore's benchmark Straits Times Index rose 4.05 points to 3,240.01 points. Trading volume was 1.92 billion shares worth 1 billion Singapore dollars. Advancers outnumbered decliners 270 to 183.
Keppel Corporation rose 0.6 percent to 6.50 Singapore dollars. It announced it has closed deal on novated contracts of five jack-up rigs currently being built for Transocean to Borr Drilling. Borr will take over remaining payment installments for the rigs, which will now cost 216 million U.S. dollars each versus original contract price of 219 million U.S. dollars. The rigs will be delivered between first quarter of 2018 and 2020.
China Sunsine rose 1.9 percent to 78.5 Singapore cents. It said that it has installed an online monitoring equipment at the chimney used for sulfur recycling at its Shandong Sunsine plant, meeting the May 31 deadline. This resolves one out of three lapses highlighted by an environmental inspection last week. The group is working to rectify the remaining weaknesses.
Among top gainers, Jardine Cycle and Carriage rose 0.6 percent to 44.30 Singapore dollars, whereas Venture Corporation became one of the top losers by falling 1.5 percent to 12.81 Singapore dollars. (1 U.S. dollar equals to 1.39 Singapore dollars)
