SINGAPORE, March 7 (Xinhua) -- Singapore shares closed 0.29 percent higher on Tuesday, as investors picked up stocks soon after weak price opening in the morning session due to overnight fall in Wall Street.
U.S. stocks fell overnight on concerns about U.S. President Donald Trump's ability to focus on economic policies, after he signed a revised executive order effective March 16 banning citizens from six Muslim-majority countries from traveling to the U.S. for 90 days. But Singapore investors shrugged off the concern as well as fears that an anti-European Union candidate may be elected France's next president.
Singapore's benchmark Straits Times Index rose 8.93 points to 3,096.61 points. Trading volume was 2.47 billion shares worth 1.12 billion Singapore dollars. Advancers outnumbered decliners 255 to 198.
Ascott Residence Trust dropped 3.4 percent to 1.13 Singapore dollars. It has launched a fully underwritten renounceable rights issue to raise 442.7 million Singapore dollars.
Existing unitholders will be offered 481.7 million rights units at a ratio of 29 units for every 100 units already held as at the book closure date.
The rights units will be issued at 91.9 Singapore cents each. This is at a discount of 21.5 percent to the closing price of 1.17 Singapore dollars per unit on Monday before the announcement.
The proceeds will be used to partly fund Ascott REIT's acquisition of its first property in Frankfurt and its second in Hamburg.
China Everbright Water rose 4.8 percent to 44 Singapore cents. It has secured three wastewater treatment upgrading projects involving a total investment of 210 million Chinese yuan.
The deals include the Shandong Zibo Zhoucun waste water treatment project phase I upgrading, Liaoning Dalian Chunliuhe waste water treatment project phase II upgrading and the Liaoning Dalian Quanshui waste water treatment project upgrading.
Among top gainers, Venture Corporation jumped 4.1 percent to 11.22 Singapore dollars, while Jardine Cycle and Carriage became one of the top losers by falling 1.1 percent to 43.87 Singapore dollars. (1 U.S. dollar equals to 6.898 Chinese yuan and 1.41 Singapore dollars)
