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Singapore stocks end up 0.43 pct

by December 28, 2016 General

SINGAPORE, Dec. 28 (Xinhua) — Singapore shares closed 0.43 percent higher on Wednesday, buoyed by modest rise in U.S. markets overnight.

U.S. stocks rose slightly on Tuesday, supported by upbeat consumer and housing data. U.S. consumer confidence hit its highest level in more than 15 years in December, while housing numbers were also robust.

Meanwhile, oil prices were higher on expectations of supply tightening once oil-producing nations implement a scheduled output cut.

Singapore’s benchmark Straits Times Index rose 12.54 points to 2,898.30 points. Trading volume was 1.19 billion shares worth 542 million Singapore dollars. Advancers outnumbered decliners 258 to 149, while 696 stocks did not move.

Yanlord Land Group rose 1.5 percent to 1.34 Singapore dollars. The China-focused developer announced it is embarking on a prime integrated project on the Sino-Singapore Nanjing Eco Hi-Tech Island. Its subsidiary Yanlord Land has acquired a 541,000 square meter gross floor area (GFA) prime integrated development site on the island for 7.84 billion Chinese yuan or an average of 14,486 Chinese yuan per square meter in a public auction.

Situated within the Nanjing Eco-Island — a flagship economic collaboration program developed under the auspices of the Singapore Jiangsu Cooperation Council — the site rests along the island’s riverfront offering an view of the Yangtze River and is in close proximity to the Youth Olympic commercial district and the group’s existing development Oasis New Island Gardens. The site will consist of 268,000 square meter GFA of residential development. Another 273,000 square meter

GFA of commercial, hotel, office and tourism space will also be developed to further enhance the suite of amenities available.

Among the top gainers, Jardine Matheson rose 2.3 percent to 55.90 U.S. dollars, whereas Singapore Airlines became one of the top losers by falling 0.5 percent to 9.69 Singapore dollars. (1 U.S. dollar equals to 6.955 Chinese yuan and 1.45 Singapore dollars)