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Singapore stocks end up 0.75 pct

by September 27, 2017 General

SINGAPORE, Sept. 27 (Xinhua) — Singapore shares closed 0.75 percent higher on Wednesday, as some bargain hunting emerged amid simmering geopolitical uncertainty in Northeast Asia.

Investors also hoped for progress on major tax reform in the United States.

U.S. President Donald Trump and Republicans in Congress are due to outline a tax plan on Wednesday.

If passed, it would be the first significant legislative victory for Trump since taking office in January. It also bode well with Wall Street as corporate tax cuts would potentially boost company profits, while a tax amnesty on offshore cash holdings could fuel share values as well as demand for the greenback.

Singapore’s benchmark Straits Times Index rose 24.11 points to 3,236.15 points. Trading volume was 1.75 billion shares worth 1.08 billion Singapore dollars. Advancers outnumbered decliners 237 to 170.

Among top actives, Mandarin Oriental International plunged 28 percent to 2.01 U.S. dollars. The hotel operator said none of the proposals received for its Hong Kong-based property Excelsior met its expectations completely, and it will continue to review other options. Earlier this month, it said it will test market interest for the sale of Excelsior.

Mapletree Industrial Trust rose 0.5 percent to 1.85 Singapore dollars. It said it is expanding its investment mandate to include overseas data centers. The strategy change its track record in building data centers in Singapore and extends its foothold in the fast growing segment. The trust currently has four data centers in Singapore, of which one is under development.

Among top gainers, UOB rose 1.4 percent to 23.84 Singapore dollars, whereas Jardine Strategic became one of the top losers by falling 1.4 percent to 42.89 U.S. dollars. (1 U.S. dollar = 1.36 Singapore dollars)

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