Singapore stocks end up 0.96 pct on Wednesday

Source: Xinhua| 2019-04-03 17:51:16|Editor: Li Xia
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SINGAPORE, April 3 (Xinhua) -- Singapore shares closed 0.96 percent higher on Wednesday, as investors shrugged off the subdued performance of Wall Street overnight.

U.S. markets struggled on Tuesday to push higher after the International Monetary Fund signaled it would further trim its global growth forecast in light of Brexit, high debt levels and trade tensions, along with the World Trade Organization slashing its 2019 growth projection for global trade to 2.6 percent from 3.7 percent.

But crude oil prices continued to rise after output curb by the Organization of the Petroleum Exporting Countries (OPEC) bolstered optimism over crude pricing outlook.

Maybank-Kim Eng Retail Research said "technically, the Strait Times Index is approaching its immediate resistance level of 3,285 points, with the next objective at 3,345 points, while underlying support at 3,190 points."

Singapore benchmark Strait Times Index climbed 31.49 points to 3,311.27 points. Trading volume was 1.83 billion shares worth 1.42 billion Singapore dollars. Advancers outnumbered decliners 245 to 190.

Among top actives, Ntegrator soared 33.3 percent to 0.8 Singapore cents. It has secured a 58.6 million Singapore dollar contract from a Singapore-based regional service provider, involving the installation of pipelines and manholes; installation, maintenance and diversion services for infrastructure cables; and the service provision and maintenance of business services across the eastern, western and central parts of Singapore. The contract will cover a two-year period with the option to extend for a further period of one year.

Sanli Environmental shed 5.6 percent to 18.4 Singapore cents. The environmental engineering company has secured new contracts in Singapore and Myanmar, worth a total of approximately 12.1 million Singapore dollars. The Singapore series of contracts, worth 7.8 million Singapore dollars, were awarded by the Public Utilities Board (PUB) involving the refurbishment of centrifugal pumps, the overhaul of centrifugal pumps, disintegrators and related equipment and maintenance works at various PUB installations. The Myanmar contracts included two engineering, procurement and construction (EPC) contracts from the Myanmar government involving supply of water meters of various sizes, pipes and accessories, worth a total of 4.3 million Singapore dollars.

Among top gainers, DBS Group Holdings rose 2.5 percent to 26.73 Singapore dollars, while Venture Corporation became one of the top losers by falling 0.6 percent to 18.51 Singapore dollars. (1 U.S. dollar equals to 1.35 Singapore dollars)