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Singapore stocks end up 0.4 pct

by December 27, 2017 General

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SINGAPORE, Dec. 27 (Xinhua) — Singapore shares closed 0.4 percent higher on Wednesday, buoyed by higher oil and commodity prices.

Crude oil prices surged amid supply fears following news of an explosion of a Libyan crude pipeline. Gold and copper also hovered near multi-week highs, boosting commodity- and energy-linked shares. But trading in local bourse remained thin in the final week of the year.

Maybank-Kim Eng Research said, “Technically, the Straits Times Index is oversold with underlying support at 3,360 points and immediate resistance at 3,430 points.”

Singapore’s benchmark Straits Times Index rose 13.51 points to 3,391.67 points. Trading volume was 1.25 billion shares worth 617 million Singapore dollars. Advancers outnumbered decliners 244 to 134.

Anchor Resources inched up 2.6 percent to 4 Singapore cents. It was granted export approvals for semi-processed gold concentrated ore by the Ministry of Natural Resources and Environment of Malaysia. The approval is a prerequisite condition for two prior memorandum of understandings entered with Beijing Fuhaihua Import and Export, and Tianjin Universal-Link Enterprise, to sell each party 300 to 500 tons of semi-processed gold concentrated ore per month.

SingHaiyi Group Limited fell 3.6 percent to 11.6 Singapore dollars. It undertook a one-for-two rights issue at tenSingapore cents apiece, representing 17 percent discount to last close. The controlling shareholder Haiyi Holdings has undertaken to fully subscribe to its allotted and excess rights. The net proceeds of 143.2 million Singapore dollars have been earmarked for property investments and working capital.

Among top gainers, UOB rose 1.6 percent to 26.20 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 0.2 percent to 60.77 U.S. dollars. (1 U.S. dollar equals to 1.34 Singapore dollars)