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Singapore stocks end up 0.83 pct following rise in Wall Street overnight

English.news.cn   2014-04-30 18:56:18

 

SINGAPORE, April 30 (Xinhua) -- Singapore shares closed 0.83 percent higher on Wednesday, buoyed by earnings-fuelled gains on U. S. stocks.

U.S. markets got a lift on Tuesday from earnings results from companies including Merck, and a rebound in Facebook and other high-growth shares.

But investors' sentiment remained cautious before decisions from the U.S. Federal Reserve later in the session, as well as key U.S. jobs data on Friday. Singapore market will close for Labor Day Holiday on Thursday.

Federal Reserve officials are expected to decide unanimously at the conclusion of their two-day meeting to continue tapering the central bank's massive bond-buying stimulus. Investors will focus instead on what their statement implies about the monetary policy outlook.

The benchmark Straits Times Index rebounded 26.97 points to close at 3,264.71. Trading volume was 1.68 billion shares worth 1. 63 billion Singapore dollars, but decliners slightly outnumbered advancers 206 to 204, while 475 stocks closed unchanged.

Phillip Securities Research said "price is negotiating a six month high resistance at 3,280 points. A successful break implies further short term upside. The next resistance will be at 3,350 points."

DBS rose 0.6 percent to 16.94 Singapore dollars. Its core net profit rose to a record 1.03 billion Singapore dollars for the first three months of 2014, up from 950 million Singapore dollars in the same period a year earlier.

OCBC gained 1.9 percent to 9.65 Singapore dollars. It earned a record 899 million Singapore dollars in net profit for the first quarter, up from 696 million Singapore dollars in the same period a year earlier.

Ziwo Holdings plunged 26.6 percent to 9.4 Singapore cents. It proposed placement of 59.8 million new shares at 11.61 Singapore cents per share. The subscription price represents a discount of approximately 9.9 percent to the last volume weighted average price. The Group intends to utilize the net proceeds of 6.9 million Singapore dollars for general working capital purposes.

Among the top gainers, Jardine Matheson rose 1.4 percent to 62. 30 U.S. dollars, while Jardine Strategic became one of the top losers by falling 1.1 percent to 35.70 U.S. dollars. (1 U.S. dollar equals to 1.26 Singapore dollars)

Editor: Fu Peng
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