SINGAPORE, Nov. 13 (Xinhua) -- Singapore shares closed 0.65 percent higher on Thursday, as investors bought shares ahead of a few Chinese economic data including industrial output, investment and retail sales.
Market expects further cooling in the world's second largest economy, with fixed-asset investment, an important driver of growth, seen growing at its slowest pace in nearly 13 years. The expected slowdown will fuel speculation of more policy stimulus from China, which augur well stock prices.
The benchmark Straits Times Index rose 21.22 points to close at 3,304.93 points. Trading volume was 1.5 billion shares worth 1.22 billion Singapore dollars. Advancers outnumbered decliners 220 to 195, while 521 stocks closed unchanged.
Among top actives, Singapore Telecommunications Limited gained 1.3 percent to 3.90 Singapore dollars. The Southeast Asia's largest telecommunications operator reported a 19 percent rise in second-quarter net profit to 1.04 billion Singapore dollars from 870 million Singapore dollars a year ago. Its revenue rose 4 percent to 4.31 billion Singapore dollars, helped by higher contributions from its regional associates such as Bharti Airtel Limited, the top mobile phone operator in India, of which Singapore Telecommunications owned nearly a third.
United Envirotech Limited jumped 5.9 percent to 1.605 Singapore dollars. The wastewater treatment company received a takeover offer from the joint venture of China's Citic Environment ( International) and U.S. private-equity firm KKR that would value the company at around 1.5 billion U.S. dollars. The joint venture proposed to pay 1.65 Singapore dollars a share for all the shares of United Envirotech.
Olam International soared 7.1 percent to 2.41 Singapore dollars. It is expected to announce earning for first-quarter of financial year before market hours on Friday. It said earlier it is in discussions on possible acquisitions, disposals and joint ventures, but stressed that there has been no definitive agreements.
Among the top gainers, DBS Group Holdings rose 1.2 percent to 19.50 Singapore dollars, whereas SIA Engineering became one of the top losers by falling 3.5 percent to 4.15 Singapore dollars. (1 U. S. dollar equals to 1.29 Singapore dollars)
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