Singapore stocks end up 0.27 pct

Source: Xinhua| 2017-05-24 18:33:27|Editor: ying
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SINGAPORE, May 24 (Xinhua) -- Singapore shares closed 0.27 percent higher on Wednesday, after Wall Street rose overnight to near records.

Investors also cheered oil prices rallied above 50 U.S. dollars per barrel ahead of the major oil producers' meeting on Thursday.

Maybank Kim Eng Research said "technically, the Straits Times Index remains range-bound between its support at 3,190 points and resistance at 3,275 points."

Singapore's benchmark Straits Times Index rose 8.55 points to 3,231.24 points. Trading volume was 1.96 billion shares worth 994 million Singapore dollars. Advancers outnumbered decliners 254 to 194.

SingHaiyi Group rose 4.2 percent to 12.5 Singapore cents. It reported a jump in quarterly net profit to 22.15 million Singapore dollars from 8.36 million Singapore dollars of the previous year.

This is despite the lower 0.8 percent on-year rise in revenue to 8.19 million Singapore dollars. The group said its revenue contribution in financial year 2017 was mainly derived from sales of completed units in Vietnam Town, its commercial condominium project in the United States. It had also completed the disposal of its 20 percent equity interest in Perennial Somerset Investors for 100million Singapore dollars on March 31.

Vallianz Holdings halted trading on Wednesday. It has secured long-term charter contracts valued at up to 115 million U.S. dollars for four vessels. The contracts were awarded by a Middle East national oil company and two offshore marine services companies based in Egypt and Turkmenistan. The new contracts will lift Vallianz's order book to 1.03 billion U.S. dollars, comprising long term contracts stretching up to 2025.

Among the top gainers, Jardine Cycle and Carriage rose 0.4 percent to 45.22 Singapore dollars, whereas Great Eastern Holdings became one of the top losers by falling 0.6 percent to 22.10 Singapore dollars. (1 U.S. dollar equals to 1.39 Singapore dollars)