SINGAPORE, July 13 (Xinhua) -- Singapore shares closed 0.83 percent higher on Thursday, after U.S. Federal Reserve Chair Janet Yellen signaled the central bank will not rush to tighten monetary policy as inflation remains persistently below target.
In her testimony on monetary policy to the Congress overnight, Yellen made no mention of the prices of assets such as stocks and bonds just a week after her comment that some looked "somewhat rich."
The statement from Yellen diverted attention from the release of emails by Donald Trump Junior about his controversial meeting with a Russian lawyer, though concern remains that the latest saga in Washington may be an unwelcome distraction for the Federal Reserve seeking to dismantle a decade of monetary stimulus.
Singapore's benchmark Straits Times Index rose 26.76 points to 3,235.67 points. Trading volume was 2.38 billion shares worth 1.1 billion Singapore dollars. Advancers outnumbered decliners 255 to 198.
Jumbo Group rose 1.6 percent to 62 Singapore cents. The seafood restaurant operator announced it opened its first JUMBO Seafood outlet in Beijing, making it the group's fourth outlet in China. The new outlet is located at Shin Kong Place and will have seating capacity for 158 customers.
United Food rose 3.9 percent to 40 Singapore cents. It proposed placement of 25.8 million new shares at 39 Singapore cents each to three individuals. The net proceeds of 10 million Singapore dollars will be used to fund business expansion through acquisitions and strengthen general working capital.
Among top gainers, Venture Corporation rose 2.3 percent to 12.59 Singapore dollars, whereas Hotung Investment became one of the top losers by falling 6 percent to 2.19 Singapore dollars. (1 U.S. dollar equals to 1.38 Singapore dollars) .
