Singapore stocks end up 0.8 pct

Source: Xinhua| 2018-01-02 17:42:28|Editor: Lu Hui
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SINGAPORE, Jan. 2 (Xinhua) -- Singapore shares closed 0.8 percent higher on Tuesday, buoyed by local economic growth and China's manufacturing data.

Singapore economy grew 3.1 percent in fourth quarter last year, higher than market estimate of 2.6 percent but moderated from 5.4 percent expansion in the preceding quarter.

Manufacturing was again the key growth driver, bolstered by the electronics and precision engineering clusters, which outweighed declines in biomedical and transport engineering output.

Meanwhile, Caixin index of Chinese industry rose to a four-month high of 51.5 in December, much better than market forecasts.

Maybank-Kim Eng Research said the market could resume its uptrend on the first trading session of the year on bargain hunting following some profit-taking activity in the last two weeks of 2017.

Singapore benchmark Strait Times Index rose 27.38 points to 3,430.30 points. Trading volume was 1.49 billion shares worth 925 million Singapore dollars. Advancers outnumbered decliners 334 to 125.

CapitaLand inched up 0.6 percent to 3.55 Singapore dollars. It is divesting interests in six Indian malls and their property manager for an effective 32.7 million Singapore dollars. The transaction is slated to be completed in first quarter of 2018.

SATS Limited rose one percent to 5.25 Singapore dollars. Its joint venture, Mumbai Cargo Service Center Airport, won a cargo handling concession contract in Chhatrapati Shivaji International Airport in Mumbai, India. The concession will commence in April this year and run for 18 years.

Among top gainers, Venture Corporation rose 4.6 percent to 21.42 Singapore dollars, while Jardine Strategic became one of the top losers by falling 0.5 percent to 39.38 U.S. dollars. (1 U.S. dollar equals to 1.33 Singapore dollars)